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The April-June period was also the third consecutive quarter of profitability for the private general insurer, the company today said in a release here.  The company said it had increased the agency force by 14 per cent to 11,500 by the end of first quarter and was aiming for a total of 15,000
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Engg Dijo Mathew
Name15-Jul-2013
Name574
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NEW DELHI: Japan's leading insurer Mitsui Sumitomo Insurance Corporation is scouting for a partner to enter into general insurance sector in India while eyeing the life insurance sector also. "We are talking to some of the Indian companies. We are eager to foray into general insurance first
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Engg Dijo Mathew
Name16-Jul-2013
Name986
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CHENNAI: After settling down in life insurance in the past two year, Shriram gears to launch general insurance venture with a capital of Rs 105 crore, in which Sanlam of South Africa holds 26% stake. Based in Jaipur, the JV targets Rs 200-crore premium in the first full year of operation, Shriram wi
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Engg Dijo Mathew
Name16-Jul-2013
Name793
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BANGALORE: India's second-largest software exporterInfosys said its revenue from financial services and insurance sectors rose 1.9% sequentially during the first quarter ended June 30. Clients in the banking, financial services and insurance sectors contributed 33.7% of Infosys' overall
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Engg Dijo Mathew
Name17-Jul-2013
Name783
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General insurance claims on account of damage caused by the flood fury in Uttarakhand were estimated to be around Rs. 3,000 crore, a top official of United India Insurance Company Ltd, (UIIC) said on Saturday. General insurance claims arising out of the floods was estimated to be around&nb
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Engg Dijo Mathew
Name17-Jul-2013
Name1015
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0

A major wildfire has caused significant damage in Colorado. The disaster is being called the Black Forest Fire and was first sparked on June 11. The fire lasted until June 20 and is being considered the worst wildfire in the state’s history. The insurance industry has been working to assess th
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Engg. Ashok Khurana
Name20-Jul-2013
Name885
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0

After a fire broke out in Rajiv Gupta’s chemicals factory at Taloja, near Mumbai, the insurance company-appointed surveyor submitted that Gupta should get 60 per cent of the claim. Obviously, Gupta did not agree with the report. Gupta wanted to appoint a surveyor on his own to get th
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Engg Dijo Mathew
Name24-Jul-2013
Name1218
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0

Background: Insurance firms unilaterally change policy terms at the time of renewal and reject claims or pay a limited amount on the basis of revised conditions. This is not permissible. Case Study: Gadiwalla, his wife, son and daughter were covered under a mediclaim policy from United In
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Engg Dijo Mathew
Name25-Jul-2013
Name853
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0

BANGALORE: United India Insurance keen to join hands with state government for insurance schemes for the poor United India Insurance Co Ltd, (UIICL) has drawn up an ambitious expansion plan to open 530 new offices this year across the country. UIICL has 110 offices inKarnataka.&n
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Engg Dijo Mathew
Name25-Jul-2013
Name833
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India is still struggling to get back on a stable footing and thus needs reforms like insurance Bill, Chief Economic Adviser Raghuram Rajan said. Mr. Rajan said that the Indian economy was still facing some worries, and that the country couldn't afford to become satisfied if the economy was to b
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Engg Dijo Mathew
Name29-Jul-2013
Name690
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The General Insurance Council has said that the recent increase in insurance premium announced by the regulator in India is too low to be able to cover losses for the companies in the industry. The Insurance Regulatory and Development Authority (Irda) has released third-party insurance premium rates
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Engg Dijo Mathew
Name29-Jul-2013
Name739
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0

ZURICH: Zurich Insurance Group is tapping into growing corporate demand for insurance against cyber attacks and the risks posed by climate change, its general insurance chief said.  More businesses want protection against the economic fallout from hacking, including regulatory fines
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Engg Dijo Mathew
Name03-Aug-2013
Name966
Name
0

MUMBAI: Reliance General Insurance, part of Reliance Capital, today launched a new health insurance plan 'Reliance HealthGain' for retail segment. The product is a comprehensive health insurance plan specially designed to focus and support the healthcare needs of women, a release said. "
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Engg. Ashok Khurana
Name05-Aug-2013
Name2172
Name
0

ICICI Lombard General Insurance Company Ltd., India’s largest private sector General Insurance Company, has increased its market share to 9.4% in Q1 - FY14 compared to 8.7% registered in Q1 – FY13.  Gross Direct Premium Income (GDPI) income for the company increased to Rs. 1,77
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Engg. Ashok Khurana
Name05-Aug-2013
Name809
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MUMBAI, AUG 1:   General insurance major New India Assurance plans to allow customers to buy third party motor insurance policies through its online portal and that will be offered at a discount of 5-10 per cent, said a top company official. “We plan to allow customers to purchase st
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Engg Dijo Mathew
Name06-Aug-2013
Name730
Name
0

The Maharashtra State Consumer Disputes Redressal Commission has held that an insurance claim cannot be repudiated by bringing up an exclusion clause which was not brought to the notice of the policy holders. If an insurance company does not educate the insured about the exclusion clause in the po
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Engg Dijo Mathew
Name06-Aug-2013
Name749
Name
0

Oil minister Sri M. Veerappa Moily has approved an accident insurance scheme for public transport drivers of buses, autos and taxis running on CNG in Delhi and its suburbs- Noida, Greater Noida and Ghaziabad. The scheme is expected to benefit more than 3 lac families.According to the sources in De
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Engg. Ashok Khurana
Name07-Aug-2013
Name730
Name
0

Thousands lost their lives in the recent Uttarakhand floods. Estimates vary — a little over a thousand says the government, 11,000 says UN. Among those who died, many were pilgrims flocking to the Kedarnath temple and other religious sites in the region.     It is not the first time
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sonali
Name08-Aug-2013
Name776
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0

ICICI Lombard General Insurance Company Ltd. has unveiled its research on ‘Trends in Employee Benefit Programme – 2013’. The first of its kind research provides interesting insights into the healthcare covered subscribed to by companies across industries including IT, Manufacturing
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sonali
Name08-Aug-2013
Name765
Name
0

ICICI Lombard General Insurance Company Ltd. has unveiled its research on ‘Trends in Employee Benefit Programme – 2013’. The first of its kind research provides interesting insights into the healthcare covered subscribed to by companies across industries including IT, Manufacturing
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Engg Dijo Mathew
Name09-Aug-2013
Name975
Name
0

nsurance companies are gearing up to issue e-insurance policies in the near future in order to create a paperless environment in the industry. Insurance Regulatory and Development Authority (Irda) has recently clarified in its regulation on insurance repositories and said that insurers can enter agr
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Engg. Ashok Khurana
Name09-Aug-2013
Name905
Name
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The Competition Commission has ruled out  allegations of abuse of dominance against United India Insurance Co and its third party administrator E-Meditak in the market for medical insurance services.     In its order recently, Competition Commission of India said it was “appropr
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Varun
Name09-Aug-2013
Name869
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Visva-Bharati in collaboration with the National Insurance Company Limited has introduced a medical insurance scheme that will provide coverage of up to Rs 50,000 to students aged between three and 25 years.      The insurance scheme , called Vidyarthi Mediclaim will benefit a
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Varun
Name10-Aug-2013
Name861
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In a strange case, the TPA of United India approved cashless hospitalisation as per a package rate for preferred provider network. But the network hospital billed the insured more than 120% of the approved amount, making a mockery of PPN package     Moneylife Foundation Insurance Helpline
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Varun
Name10-Aug-2013
Name837
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0

All the applicants enrolled with Insurance Regulatory & Development Authority (IRDA) as Trainee Surveyors upto 30thJune, 2012 (Training Enrollment #8397 to 8643) who have submitted their quarterly training reports with the Authority are advised to download the Application FormÂ
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Engg Dijo Mathew
Name10-Aug-2013
Name900
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0

In a bid to increase awareness about non-life insurance products, the Insurance Regulatory and Development Authority (IRDA) along with the General Insurance Council (GICL) would be launching a consumer awareness advertising campaign. The pan-India advertisement campaign would be rolled out on tele
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Engg. Ashok Khurana
Name12-Aug-2013
Name928
Name
0

India’s General Insurance Corp (GIC Re), the 15th largest re-insurer in the world, is planning to convert its Dubai office into a subsidiary as part of strengthening the Middle East and North Africa (Mena) business from which it generated premium worth $385mn. The public secto
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sonali
Name12-Aug-2013
Name739
Name
0

Nokia India announced a unique partnership with New India Assurance (NIA), a leading global insurance group, wholly owned by the Govt. of India. The partnership will provide Nokia’s consumers the benefits of a highly affordable and comprehensive handset insurance plan to safeguard
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Varun
Name13-Aug-2013
Name787
Name
0

India will set up a special fund to provide insurance to public and private refineries to overcome obstacles from global re-insurers who are not providing cover to Indian oil companies because of sanctions against Iran. The government is working on a proposal to set up an insurance pool account,
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CA. Sanjeev Soni
Name13-Aug-2013
Name848
Name
0

The Committee for Capacity Building of CA Firmsand Small & Medium Practitioners (CCBCAF &SMP) of ICAI has arranged the specialised HealthInsurance Scheme for Members of ICAI. TheCommittee has signed an afresh MoU with New IndiaAssurance Co. Ltd.. Mumbai for the same on 12'hMarch, 2013.
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Engg Dijo Mathew
Name13-Aug-2013
Name813
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The Committee for Capacity Building of CAFirms and Small & Medium Practitioners (CCBCAF & SMP) of ICAI has arranged insurance protection for members in practice/firms in the form of specially designed professional indemnity insurance at a reasonable premium i.e.85o/o discount in market rate.
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Engg. Ashok Khurana
Name13-Aug-2013
Name1407
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The Committee for Capacity Building of CAFirms and Small & Medium Practitioners (CCBCAF & SMP) of ICAI has arranged Motor Insurance scheme at discounted OD premium for members of ICAI. The salient feature of the aforesaid scheme as under members would get 55% discount on Own Damage Premium i
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CA. Sanjeev Soni
Name14-Aug-2013
Name2305
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0

n line with its vision to deliver best-in-class solutions and ensure customers’ well being,  Tata AIA Life Insurance Company Limited (Tata AIA Life) announced the launch of eLife, a fully mobile and secure electronic solution that simplifies the process of buying and s
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CA. Sanjeev Soni
Name14-Aug-2013
Name795
Name
0

Medical inflation is a cause of concern for each one of us today. India lags behind its global counterparts in offering a state sponsored health insurance system to a large section of the population. As a result, it has one of the highest out-of-pocket spends at 61 per cent, putting a lot of stress
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sonali
Name14-Aug-2013
Name893
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Stung by sluggish growth, life insurers from Reliance Life to Aviva are assuring returns far higher than market average which could burn a hole in there finance and raise of unfulfilled promises if yields remain low for long. With individuals clamping down on insurance purchases because of price ris
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Engg. Ashok Khurana
Name16-Aug-2013
Name811
Name
0

After any kind of natural calamity, insurance companies usually get jittery on the huge amount of claims they may have to pay.   But following the recent floods in Uttarakhand, in which thousands lost their lives, general insurance companies have hardly seen any claims related to medical emerge
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Engg Dijo Mathew
Name16-Aug-2013
Name893
Name
0

In the wake of the natural disaster in Uttarakhand, the proposal for 'catastrophe insurance' is in spotlight. Early this year, non-life insurance companies had presented a concept paper on catastrophe insurance to the National Disaster Management Authority (NDMA).   The concept paper hi
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CA. Sanjeev Soni
Name16-Aug-2013
Name886
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0

The growth rate of Indian insurance industry is likely to be less than 5 per cent in the current fiscal, according to industry chamber CII.   "The growth of the Indian insurance industry is projected to remain below 5 per cent in the current fiscal (FY 2013-14)," said a CII survey of
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Varun
Name17-Aug-2013
Name819
Name
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With most urban women following some form of financial discipline, banks and insurance companies are looking to target them with specialized offerings.   HDFC Life which launched its Smart Plan life insurance plan targeted at women has seen a gross premium collection of over Rs 20 crore from th
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Engg. Ashok Khurana
Name17-Aug-2013
Name746
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Unorganised manpower, especially construction workers, comprises more than 90 per cent of the labour force in Tamil Nadu.   As such, there is a dire need to extend the employees’ state insurance scheme to the unorganised labour sector, said Pravin Sinha, senior advisor for labour and indu
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sonali
Name20-Aug-2013
Name985
Name
0

India will set up a special fund to provide insurance to public and private refineries to overcome obstacles from global re-insurers who are not providing cover to Indian oil companies because of sanctions against Iran. The government is working on a proposal to set up an insurance pool account, whi
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Varun
Name20-Aug-2013
Name855
Name
0

All General Insurance Companies and TPAs Re: Compliance with Regulation 12(b) of IRDA (Health Insurance) Regulation,2013. Reference is invited to the captioned Regulation which states as follows “…………TPA may handle claims, admissions and recommend to the insurer f
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CA. Sanjeev Soni
Name21-Aug-2013
Name923
Name
0

It’s my pleasure to be a delegate and an eye-witness of this memorable day August 17th 2013. A cherished dream of Lucknow surveyors came true with the full support of surveyors from Kanpur when the first educational training programme as per provision in regulation organized on 17/08/2013 unde
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Engg Dijo Mathew
Name23-Aug-2013
Name790
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  Ref: IRDA/ SDD/MISC/CIR/I58/08/20/2013 CIRCULAR The Chairman/CEOs of all the insurance 1.Anti-Money Laundering/ Counter-Financing of Terrorism (AML/CFT) Guidelines for Insurance   Attention is drawn to Annexure | of the Master Circular 2010 on AML/CFT guideline-Circular Ref: IRDA/F&I
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sonali
Name24-Aug-2013
Name885
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INTRODUCTION The best publicity for a servicing organization like insurance industry which is known as a service industry is its capability to settle claims in an expeditions and fair way. it is true that all the claims lodged by the insured may not be settled for certain valid reasons should be pol
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Engg Dijo Mathew
Name26-Aug-2013
Name1018
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§  The insurance company will arrange for all the formalities on behalf of the agent for issue of license. the license will be issued by IRDA valid for a period of 3 years . the fees payable to the authority for issue or renewal of license to act as a corporate agent shall be rupees two hu
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Varun
Name26-Aug-2013
Name8337
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A company desirous to become a broker must decide the areas of operation life insurance, general insurance or reinsuranse.a broker may act as direct or composite broker. And a broker represents the client in contrast to agents who represents insurers. The role of broker is not just limited to sellin
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Varun
Name26-Aug-2013
Name972
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0

EFFECT OF REDUCTION IN REINSURANCE Some of the companies are keeping the retention levels as low as 10 percent and the reinsurer is not getting due share of the premium while we continue to pay out huge claims. the rates have fallen to some of the lowest levels ever and as a matter of fact are now s
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CA. Sanjeev Soni
Name26-Aug-2013
Name1048
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0

  According to IRDA chief TS vijayan , insurance companies will have a huge cost incentive in encouraging customers to holds their policies in electronic form as costs will come down substantially from around rs600 per policy. the development that has taken place in the mutual fund business whe
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sonali
Name30-Aug-2013
Name718
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0

NEW DELHI: Insurance regulator Irda has allowed banks to act as brokers and sell products of more than one insurer so as to increase the penetration of the sector across the country.  There is no capital requirement for insurance broking business carried out by banks, according to Ir
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Varun
Name02-Sep-2013
Name808
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0

NEW DELHI: Institutional risks such as business practices and quality of risk management are among the top risks that the Indian insurance industry at present faces, says consultancy firm PwC.  According to a biennial survey of insurance risks conducted by CSFI (C
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sonali
Name02-Sep-2013
Name659
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0

Insurance regulator, Insurance regulatory and Development Authority (IRDA) has notified Insurance regulatory and Development Authority (Linked Insurance Products) Regulations, 2013 in which, Regulation (9) prescribes levels of commission under the linked insurance products, said Sri Name Narnia Mena
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Engg Dijo Mathew
Name03-Sep-2013
Name677
Name
0

The Insurance Regulatory and Development Authority (IRDA) has directed all the CEOs of insurance companies to follow the regulations of the Telecom Regulatory Authority of India (TRAI) while carrying out their telemarketing activities.  As per the Telecom Commercial
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CA. Sanjeev Soni
Name03-Sep-2013
Name727
Name
0

Insurance regulator, Insurance regulatory and Development Authority (IRDA) has notified Insurance regulatory and Development Authority (Linked Insurance Products) Regulations, 2013 in which, Regulation (9) prescribes levels of commission under the linked insurance products, said Sri Namo Narain Mee
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CA. Sanjeev Soni
Name03-Sep-2013
Name661
Name
0

5.IRDA advices insurers to follow TRAI norms for telemarketing    The Insurance Regulatory and Development Authority (IRDA) has directed all the CEOs of insurance companies to follow the reg
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sonali
Name03-Sep-2013
Name873
Name
0

The Insurance Regulatory and Development Authority (Irda) had last week allowed banks to act as brokers and sell products of more than one insurer so as to increase the penetration of the sector across the country. According to Irda (Licencing of Banks as Insurance Brokers) Regulations, 2
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Engg Dijo Mathew
Name04-Sep-2013
Name701
Name
0

Insurance watchdog, Insurance Regulatory and Development Authority (IRDA) has asked all general insurance companies and stand alone health insurers to provide detailed guidelines to third party administrators (TPAs) for health insurance claim settlements. Although, TPAs are not permitted for claim
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sonali
Name04-Sep-2013
Name791
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0

With a view to increase insurance penetration across the country and to give rural population more access to insurance, the Insurance Regulatory and Development Authority (IRDA) has allowed banks to act as insurance broker. The regulator has come up with regulations for licensing banks as insurance
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CA. Sanjeev Soni
Name04-Sep-2013
Name862
Name
0

Public sector general insurance company, New India Assurance Company Ltd. has decided to permit customers to buy third-party motor insurance policies through its website. According to a company insider, the company will offer a discount of 5-10% on premiums for such policies. Sri G. Srinivasan, Cha
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CA. Sanjeev Soni
Name04-Sep-2013
Name811
Name
0

Insurance regulator IRDA today imposed a hefty penalty of Rs 3.10 corer on Bajaj Allianz Life Insurance for violation of various norms, including those related to early-death claims and group insurance. "...as directed under the respective charges, the penalty of Rs. 3.10 corer shall be remi
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Engg Dijo Mathew
Name05-Sep-2013
Name885
Name
0

  The Insurance Regulatory and Development Authority (IRDA) on Friday refuted the World Bank-IMF (International Monetary Fund) report on Indian insurance sector. RDA chairman TS Vijayan said that it has dismissed an observation made in a World Bank-IMF study that the insurance regulator was not
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Varun
Name07-Sep-2013
Name751
Name
0

The Insurance Regulatory and Development Authority (IRDA) has advised insurance companies to use distinct trade logos of their own. The insurance regulator in its exposure draft on “Usage of Trade Logo by Insurance Companies,” has pointed on the reputational risks associated wi
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Varun
Name07-Sep-2013
Name761
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0

The purpose of setting up an insurance repository is to provide policyholders a facility to keep insurance policies in electronic form       The Insurance Regulatory and Developmen
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sonali
Name07-Sep-2013
Name744
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0

  Common service centres are the front-end delivery points for government, private and social services to citizens   The Insurance Regulatory and Development Authority (IRDA) today asked insurance companies to develop products to be sol
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Engg Dijo Mathew
Name10-Sep-2013
Name717
Name
0

IRDA refutes World Bank-IMF report on Indian insurance The Insurance Regulatory and Development Authority (IRDA) on Friday refuted the World Bank-IMF (International Monetary Fund) report on Indian insurance sector. IRDA chairman TS Vijayan said that it has dismissed an observation made in a World B
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sonali
Name10-Sep-2013
Name817
Name
0

The Union Finance Minister Sri P Chidambaram, on Wednesday, said that the Insurance Laws (Amendment) Bill, which proposes to hike foreign direct investment (FDI) ceiling in insurance sector to 49% from current 26%, will be tabled in winter session of the Parliament.  Speaking to the reporters,
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Varun
Name11-Sep-2013
Name757
Name
0

  The Insurance Regulatory and Development Authority (IRDA) has issued an exposure draft on the usage of trade logos by insurers, in which it has advised all insurance companies to use distinct trade logos of their own in order to reduce cost and minimize the confusion in the minds of distribut
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Engg Dijo Mathew
Name12-Sep-2013
Name730
Name
0

  he Insurance Regulatory and Development Authority (IRDA) has refuted the observation of World Bank-IMF (International Monetary Fund) study which said that the Indian insurance regulator was not completely independent to supervise and regulate insurance companies.. IRDA chairman, Sri T.S. Vij
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Engg Dijo Mathew
Name12-Sep-2013
Name741
Name
0

Coimbatore: Export Credit Guarantee Corporation is awaiting approval from Insurance Regulatory and Development Authority for its three new products that meant for the benefit of small exporters, a top official said on Saturday. The proposals have already been sent to the Authority, which would bene
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CA. Sanjeev Soni
Name13-Sep-2013
Name827
Name
0

Hyderabad: Insurance regulator IRDA on Wednesday indicated favouring banks to sell products of multiple insurance companies as the move would help deepen insurance penetration in the country. T S Vijayan, chairman of Insurance Regulatory and Development Authority (IRDA), also said discussions with
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CA. Sanjeev Soni
Name13-Sep-2013
Name772
Name
0

Kolkata: Insurance sector regulator IRDA would lay special thrust on the use of analytics in the industry for better structuring and pricing of policies. "Insurance Regulatory and Development Authority (IRDA) has set up a subsidiary Insurance Information Bureau (IIB) for collating data from th
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Engg. Ashok Khurana
Name13-Sep-2013
Name999
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0

NEW DELHI: Insurance regulator Irda has tightened advertising norms for life insurersasking them not to offer any awards or reward points as inducement to lure customers.  "...in order to enhance the extant transparency of the insurance advertisements, and to improve compli
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Engg Dijo Mathew
Name14-Sep-2013
Name882
Name
0

Agriculture Insurance Company of India (AIC) can now use the agent network of other non-life insurers for distribution of its products. In a circular issued on Thursday, the Insurance Regulatory and Development Authority (IRDA) agents and corporate agents wanting to offer services to AIC would have
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sonali
Name14-Sep-2013
Name713
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0

  A drop in new industrial projects and a fall in motor insurance have prompted general insurers to offer huge discounts to corporate clients, industry officials said. An official said "discounts on offer range up to 95% in some cases," The Economic Times reported. The general insuran
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Engg Dijo Mathew
Name16-Sep-2013
Name713
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0

MUMBAI: General insurers have started offering deep discounts to corporate clients in the wake of drop in the motor insurance and fall in new industrial projects, say industry officials. "There are instances where the industry has started offering deep discounts to corporate clients a
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Engg Dijo Mathew
Name16-Sep-2013
Name680
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0

K Sanath Kumar, the General Manager and Wholetime Director at New India Assurance, spoke about the prospects of the upcoming festive season and its potential. "We hope that auto sales will see a demand revival in the second half of the current fiscal due to festivities. This should support gr
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Engg. Ashok Khurana
Name16-Sep-2013
Name585
Name
0

The general insurance industry is pinning its hope on increased automobile sales in the second half of the current financial year, to revive its growth. "We hope that auto sales will see a demand revival in the second half of the current fiscal due to festivities. This should support growth of
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Engg. Ashok Khurana
Name16-Sep-2013
Name642
Name
0

"...in order to enhance the extant transparency of the insurance advertisements, and to improve compliance...life insurance advertisements should not offer, as inducement, any award/reward points, discounts and rebates, except those approved by the Authority as part of product features,"
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sonali
Name17-Sep-2013
Name812
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0

half of the current financial year, to revive its growth. "We hope that auto sales will see a demand revival in the second half of the current fiscal due to festivities. This should support growth of the industry," New India Assurance General Manager and Whole time Director K Sanath Kumar
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Varun
Name17-Sep-2013
Name616
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0

As per the survey, product development was ranked as the sixth major risk for the Indian insurance industry, followed by reputation (7th), innovation (8th), investment performance (9th) and corporate governance (10th). Meanwhile, on the question of how well Indian insurers are prepared to handle t
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CA. Sanjeev Soni
Name17-Sep-2013
Name733
Name
0

A year and a half after the third-party pool for commercial vehicles was done away with, the woes of general insurers are far from over. Combined ratios for the motor insurance segment stand at 130-135 per cent for the industry, owing to losses in the third-party motor segment. A ratio below 100 p
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Varun
Name18-Sep-2013
Name781
Name
0

  moneysupermarket.com, one of the UK’s most popular websites for financial services and insurance, doesn’t sell any products of its own. But it still made over £200 million last year, at a pretax profit margin of 32 percent. It simply re-routes the hundreds of thousands of on
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Varun
Name18-Sep-2013
Name906
Name
0

Mumbai: India’s Insurance Regulatory and Development Authority (Irda) is chalking out an ambitious plan to combat mis-selling, a menace that has been haunting the industry for about a decade now, especially after the emergence of equity-oriented insurance products. Former Irda chairman&n
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sonali
Name18-Sep-2013
Name824
Name
0

HYDERABAD: Union Finance Minister Chidambaram today launched the IrDA’s Insurance (IRS) here.  Chidambaram said the IRS will also have digitized non-life insurance policies soon.  Meanwhile, the Insurance Regulatory and Development Authority (IRDA) said the insurance repo
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Engg. Ashok Khurana
Name19-Sep-2013
Name682
Name
0

Finance Minister P Chidambaram launched the Insurance Regulatory and Development Authority's Insurance Repository System (IRS) in Hyderabad on Monday. Irda said the insurance repository system set up will be the first of its kind in the world. According to insurance regulator, the obj
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Engg. Ashok Khurana
Name19-Sep-2013
Name804
Name
0

  Reliance Life Insurance has welcomed insurance regulator IrDA’s decision to allow banks to become licensed insurance brokers, saying the move will benefit the sector immensely. The Insurance Regulatory and Development Authority (Irda) had last week allowed banks to act as br
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CA. Sanjeev Soni
Name19-Sep-2013
Name807
Name
0

  Just a couple of days after standardization guidelines for the health insurance sector became effective, the Insurance Regulatory and Development Authority announced some amendments on 3 July 2013. Of the 46 standardized terminologies for health insurance, the regulator has revise
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Engg Dijo Mathew
Name19-Sep-2013
Name987
Name
0

F   A policyholder needs to open an e-Insurance Account with an Insurance Repository to buy and keep policies issued by various insurers in electronic mode       Union Fi
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Varun
Name20-Sep-2013
Name640
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0

The Insurance Regulatory and Development Authority (IRDA) has approved most of the plans applied to it by various insurance companies ahead of the new product guidelines which is to be kicked in from October this year. The largest insurer Life Insurance Corporation (LIC) of India had applied for aro
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CA. Sanjeev Soni
Name20-Sep-2013
Name681
Name
0

The Insurance Regulatory and Development Authority (IRDA) has refuted the observation of World Bank-IMF (International Monetary Fund) study which said that the Indian insurance regulator was not completely independent to supervise and regulate insurance companies.. IRDA chairman, Sri T.S. Vijayan
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Engg. Ashok Khurana
Name20-Sep-2013
Name643
Name
0

in order to enhance penetration of crop insurance in India, Insurance Regulatory and Development Authority (IRDA) has allowed Agriculture Insurance Company of India (AIC) to use the agent network of other non-life insurers. On 12th September, IRDA said that AIC can distribute its own products
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Engg Dijo Mathew
Name20-Sep-2013
Name724
Name
0

Finance Minister P Chidambaram today said the Insurance Regulatory and Development Authority should look at fixing a time frame for making digitisation compulsory for both life and non-life insurance policies. "Non-life should also become part of repository. At the moment I am told this is onl
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CA. Sanjeev Soni
Name21-Sep-2013
Name648
Name
0

MUMBAI: The insurance regulator should not over regulate reinsurance, in order to help grow the market, said Robert Burr Asia head for Life and Health Insurance Managing Director Swiss Re as reinsurers bring with them product expertise, talent pool and capacity, which
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Engg Dijo Mathew
Name21-Sep-2013
Name684
Name
0

The state-owned Life Insurance Corporation of India (LIC) will draw curtains on 45 of its 52 policies from September 30, following IRDA’s (Insurance Regulatory and Development Authority) mandate that all policies with investment as core must be shut in a month’s time. “From Octobe
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Engg Dijo Mathew
Name21-Sep-2013
Name603
Name
0

India's Reliance General Insurance Co. Ltd. is now emphasizing on a risk-based pricing approach to corporates, the company's CEO Rakesh Jain told Business Standard. Mr. Jain said commercial lines have been impacted to some extent because of the economic environment. He added agricultural in
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Engg. Ashok Khurana
Name21-Sep-2013
Name548
Name
0

 maintaining and tracking insurance policies just got easier. Backed by the finance minister, the insurance regulatory development authority (IRDA) on Monday launched the country's first insurance repository system. It will allow customers to store and track all their policies under a sing
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Engg Dijo Mathew
Name23-Sep-2013
Name598
Name
0

In a circular issued on Thursday, the Insurance Regulatory and Development Authority (IRDA) agents and corporate agents wanting to offer services to AIC would have to submit a 'No Objection Certificate' from their parent general insurer and enroll themselves with AIC.
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Engg. Ashok Khurana
Name23-Sep-2013
Name604
Name
0

IRDA recently said five companies have been given the status of insurance repositories and provided with a licence that will be valid till July 31, 2014.IRDA recently said that insurers can enter into agreements with one or more repositories.``The awareness about crop insurance in rural public is
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sonali
Name24-Sep-2013
Name502
Name
0

MUMBAI: The general insurance industry is pinning its hope on increased automobile sales, in the second half of the current financial year, to revive its growth.  "We hope that auto sales will see a demand revival in the second half of the current fiscal due to festivities. This should s
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sonali
Name25-Sep-2013
Name590
Name
0

NEW DELHI: A Motor Accident Claims Tribunal(MACT) has awarded a compensation of Rs 1.17 crore to the family members of an Indian Oil Corporation (IOC) employee, who died in an accident involving a rashly-driven car four years ago. The victim—Mukesh Khurana—was the chief
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sonali
Name25-Sep-2013
Name576
Name
0

MUMBAI: You already have your investmentsin stocks, bonds, mutual funds in paperless form. Now, it's the turn of insurance policies to go paperless. Last week, the Insurance Regulatory and Development Authority(IRDA) finally launched the Insurance Repository System
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CA. Sanjeev Soni
Name25-Sep-2013
Name520
Name
0

The Indian insurance industry has witnessed an interesting decade following its liberalization in 2000 when it was open to foreign players for the first time (with a cap of 26%). Prudential, Allianz, Standard Life, New York, AIG and SunLife were some of the earliest entrants, followed by New York L
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Engg. Ashok Khurana
Name26-Sep-2013
Name564
Name
0

Car insurance premium may rise in days ahead as the cost of imported spare parts has increased in the recent months because of sharp depreciation of the rupee, say general insurance players. "Usually, insurance premium is a small percentage of the price of a car. As car prices have gone up due
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Engg Dijo Mathew
Name28-Sep-2013
Name678
Name
0

x Insurance Repository system for individual policy holders is a pioneering initiative of India’s Insurance Regulatory and Development Authority (IRDA), the first of its kind in the world, as part of its efforts to improve services to policy holders and Insurance penetration. Insurance Reposit
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Engg Dijo Mathew
Name28-Sep-2013
Name637
Name
0

'unproven/experimental treatment'
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sonali
Name28-Sep-2013
Name986
Name
0

  NEW DELHI: Insurance repositories can helplife insurance companies save an astounding Rs 2,000 crore every year on new policies alone. An insurance repository is like a demat account for insurance policies. It costs a life insurance company roughly Rs 600 a year to service a physical po
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Engg Dijo Mathew
Name30-Sep-2013
Name644
Name
0

HYDERABAD: Finance minister P Chidambaram has asked the Insurance Regulatory and Development Authority to come up with a timeframe for digitising all insurance policies, both life and non-life.  After inaugurating an insurance repository system, Chidambaram said though the Insu
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Engg Dijo Mathew
Name30-Sep-2013
Name647
Name
0

With Irda formally launching the Insurance Repository System (IRS) last week, you can now demat your Insurance policies. Here's what you should know about this new concept. 1) What is an insurance repository? It is a facility that allows you to hold insurance pla
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sonali
Name30-Sep-2013
Name528
Name
0

“We are awaiting approval from the Insurance Regulatory and Development Authority (IRDA). We have made this request in case approvals are not with us. I am sure that IRDA is going to take a call on this and take a decision, which is in the larger interest of investors,” LIC Chairman S
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Engg Dijo Mathew
Name01-Oct-2013
Name654
Name
0

Latest guidelines from IRDA threaten to further tighten the screws on web aggregators but they aren’t rattled yet—after all, internet-savvy consumers are their insurance moneysupermarket.com, one of the UK’s most popular websites for financial services and insurance, doesn&rsquo
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Engg Dijo Mathew
Name01-Oct-2013
Name774
Name
0

IrdaIndia InfradebtFurther, Irda also said that investment in  (Infrastructure Debt Fund)-Mutual Fund Schemes launched by Asset Management Companies (AMCs) can be treated as investments in infrastructure sector by insurers. Irda said that such investments shall be categorized as 'o
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Varun
Name01-Oct-2013
Name586
Name
0

NEW DELHI: Insurance sector regulator Irdatoday said life and general insurance firms can now invest up to 20 per cent of fund value in infrastructure debt funds.  Investment in infrastructure debt fund (IDF) shall be reckoned as investment in the infrastructure sector for whic
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Varun
Name01-Oct-2013
Name620
Name
0

  MUMBAI: Reliance General Insurance has posted 25 per cent increase in gross written premium to Rs 706 crore in the first quarter of the current fiscal.  The April-June period was also the third consecutive quarter of profitability for the private general insurer, the company today said
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sonali
Name03-Oct-2013
Name497
Name
0

  MUMBAI: The economic slowdown and falling auto sales are prompting general insurers to focus on retail segment and smaller towns.  Industry officials also say that there is an increasing focus on renewal premium, as the new premium growth from the motor, engine
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sonali
Name03-Oct-2013
Name450
Name
0

  MUMBAI: You already have your investments in stocks, bonds, mutual funds in paperless form. Now, it's the turn of insurance policies to go paperless. Last week, the Insurance Regulatory and Development Authority (IRDA) finally launched the Insurance Reposito
Continue Reading...

Varun
Name03-Oct-2013
Name525
Name
0

  NEW DELHI: Reliance General Insurance is betting big on sale of health insurance products in the highly under-penetrated Small and Medium Enterprises (SMEs) as parts of its plans to achieve full-year profitability this fiscal.  "SME health cover is a big untapp
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Engg Dijo Mathew
Name04-Oct-2013
Name526
Name
0

HYDERABAD: Exposing thoroughly the devious methods adopted by the top brass of the Insurance Regulatory and Development Authority (IRDA) to circumvent the recruitment process, Justice P V Sanjay Kumar of the AP High Court has directed it to appoint the petitioner as assistant director (L
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Engg. Ashok Khurana
Name04-Oct-2013
Name625
Name
0

  MUMBAI: The general insurance industry is pinning its hope on increased automobile sales, in the second half of the current financial year, to revive its growth.  "We hope that auto sales will see a demand revival in the second half of the current fiscal due to festivities. This
Continue Reading...

CA. Sanjeev Soni
Name04-Oct-2013
Name545
Name
0

  MUMBAI: The Insurance Regulatory and Development Authority is likely to give companies time until December 1 to align products in the 'individual' category with the sector's new norms, according to a senior executive of an insurance firm. The deadline was October 1. &q
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Engg Dijo Mathew
Name05-Oct-2013
Name596
Name
0

  In recent weeks in the posh environs of the Park Plaza Westminster Bridge Hotel, the annual conference of the International Union of Marine Insurance has taken place. This is a three-day event attended by underwriters—but not brokers—from all over the world. There were altogethe
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sonali
Name05-Oct-2013
Name581
Name
0

Commercial Non-Life Insurance Brokers in India and the Broker BASE™ that accompanies it investigate the importance of brokers in the distribution of non-life insurance for businesses in India. This report first provides unique data for the size, segmentation and growth of the In
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sonali
Name07-Oct-2013
Name613
Name
0

Member ActuaryIrdaR Kennan, Former Member-Actuary at Irda retired in early 2011 and the position is vacant since then. The finance ministry in December 2012 had bought out an advertisement for filling the post. Three people including Irda joint director Meenakumari J, Irda deputy director Shaman P
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sonali
Name07-Oct-2013
Name505
Name
0

Irda) has imposed a Barclays Investments and Loans (India) Limited, for violation of certain insurance norms. Irda said that the penalty has been imposed for receiving payouts, as a corporate agent, during the financial year 2008-09 and 2009-10, apart/over and above permitted commission/remu
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Varun
Name07-Oct-2013
Name523
Name
0

insurance agents, who are required to undergo mandatory training of 50 hours by an insurance company may not have any qualms attached to this process. However, insurance companies, who pay for this training process, are of the view that while there is an expenditure on these individua
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Varun
Name07-Oct-2013
Name536
Name
0

The position of Member Actuary at Insurance Regulatory and Development Authority (Irda), which has been lying vacant for more than two years, is expected to take longer to be filled. While the final appointment order is yet to be passed, life insurers are expressing concerns over the seat still to b
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CA. Sanjeev Soni
Name08-Oct-2013
Name626
Name
0

Insurance agents, who are required to undergo mandatory training of 50 hours by an insurance company may not have any qualms attached to this process. However, insurance companies, who pay for this training process, are of the view that while there is an expenditure on these individuals, h
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sonali
Name08-Oct-2013
Name724
Name
0

Purina Gape is likely to take charge as Member-Actuary at the Insurance Regulatory and Development Authority (IRDA), the insurance industry regulator. The Finance Ministry had recommended her for the position after an interview held in Delhi in June, sources toldBusiness Line. Shame Prasad Chakra bo
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sonali
Name08-Oct-2013
Name537
Name
0

NEW DELHI: The country's largest two-wheeler maker Hero MotoCorpBSE 0.15 %today hiked prices of its products by up to Rs 1,500 across models to offset the impact of rising input costs and rupee depreciation.  "We have decided to raise the prices of our products. This is
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sonali
Name09-Oct-2013
Name664
Name
0

In Wall Street's retelling of the biblical Book of Samuel, General Motors Co is Goliath and electric car maker Tesla Motors Inc is David, the would-be giant slayer.  Tesla's market value has soared 470 per cent this year to $23 billion, while GM has risen a relativel
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CA. Sanjeev Soni
Name09-Oct-2013
Name531
Name
0

Hyderabad: Insurance watchdog IRDA Tuesday said it estimates the insurance business in India to touch Rs 4 lakh crore in the current fiscal. Insurance Regulatory and Development Authority (IRDA) Chairman v also said the regulator is mulling to bring out norms for sub-brokers of insurance products.
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Engg Dijo Mathew
Name11-Oct-2013
Name719
Name
0

Insurance business in India is expected to reach Rs 4 lakh crore in the current financial year according to Insurance Regulatory and Development Authority (IRDA) chairman T S Vijay an. Total premium collected by the general and the life insurance industry stood at Rs 3.75 lakh cr
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sonali
Name11-Oct-2013
Name684
Name
0

The Insurance Regulatory and Development Authority has invited applications from experienced insurance professionals retired from public sector insurance companies on a contract basis. The place of posting will be at Hyderabad/Mumbai/New Delhi. The candidates should possess qualification in CA/CFA/C
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CA. Sanjeev Soni
Name11-Oct-2013
Name537
Name
0

The insurance industry will undergo another round of regulatory reforms, particularly related to distribution channel, to drive growth, according to Insurance Regulatory and Development Authority Chairman T. S. Vijay an. Speaking on the sidelines of the convocation of the Institute of Insurance and
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CA. Sanjeev Soni
Name11-Oct-2013
Name491
Name
0

The Insurance Regulatory and Development Authority (IRDA) is looking to tweak regulations in order to tighten the insurance products distribution system, said its Chairman T.S. Vijay an. Addressing newspersons on the sidelines of the convocation held by the Institute of Insurance and Risk Management
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Varun
Name11-Oct-2013
Name508
Name
0

In order to enhance growth, Insurance Regulatory and Development Authority (IRDA) will introduce another round of regulatory reforms, particularly related to distribution channel. IRDA Chairman TS Vijay an said that the insurance regulator is focusing on bank channels and sub-broker level distribut
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Varun
Name11-Oct-2013
Name539
Name
0

  Hyderabad: Finance Minister P Chidambaram on Monday said the Insurance Regulatory and Development Authority should look at fixing a time frame for making digitisation compulsory for both life and non-life insurance policies. "Non-life should also become part of repository. At the mome
Continue Reading...

Engg. Ashok Khurana
Name11-Oct-2013
Name643
Name
0

New Delhi: Insurance regulator IRDA has extended the deadline for implementation of new individual product regulations for the life insurance industry by three months to December 31 to enable insurers to cope with the system readiness. After detailed examination of representations from insurance co
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Engg. Ashok Khurana
Name11-Oct-2013
Name680
Name
0

MUMBAI: Advances in medical technology are resulting in higher health insurance claims, with some treatments seeing a 50% jump in costs due to new procedures.  Policy holders are opting for new procedures that are less painful and ensure faster recovery but cost substantially more. Take t
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CA. Sanjeev Soni
Name12-Oct-2013
Name511
Name
0

The Sarawade household in New Delhi, like many others, is worried about its domestic economics these days. The worry is not due to the economic slowdown alone, but the fear of what may be in store for them because of insurance regulatory changes for traditional products that may erode their inc
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CA. Sanjeev Soni
Name12-Oct-2013
Name592
Name
0

HYDERABAD: Insurance watchdog IRDA today said it estimates the insurance business in India to touch Rs 4 lakh crore in the current fiscal. Insurance Regulatory and Development Authority (IRDA) Chairman T S Vijayan also said the regulator is mulling to bring ou
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sonali
Name12-Oct-2013
Name697
Name
0

A delay in renewing the approval had disrupted oil and container trade between Indian and Iran, with some ships stranded outside ports in both countries. The new approval is valid until Dec. 27, said the sources, who had received a letter from the Directorate General of Shipping. The previous a
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Engg Dijo Mathew
Name14-Oct-2013
Name515
Name
0

MUMBAI: Shriram General Insurance has become the first private insurer to make a foreign acquisition with the purchase of a large chunk of share in Philippine non-life company Monarch Insurance. This is the first overseas insurance transaction after the insurance regulator in May 2013 allowed domest
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Engg Dijo Mathew
Name14-Oct-2013
Name577
Name
0

Insurance agents, who are required to undergo a mandatory training of 50 hours, might not have any qualms attached to this process. However, their employers — insurance companies — are not very happy about it. While insurers say they don’t mind bearing the expen
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sonali
Name14-Oct-2013
Name493
Name
0

 Insurance Regulatory and Development Authority (Irda) has expanded the definition of ‘key persons’ to include the posts of ‘compliance officer’ and ‘chief risk officer’ of insurance companies. “Key persons” are key officials of insuran
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sonali
Name14-Oct-2013
Name592
Name
0

MUSCAT — Availability of accurate and factual data pertaining to policies and claims is of paramount importance and everyone concerned need to pay extra attention to reassure the same is in place, according to G Srinivasan, Chairman cum Managing Director, New India Assurance in Muscat. “
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Engg Dijo Mathew
Name15-Oct-2013
Name503
Name
0

The research report deep dived into customer behaviour online and drew out specific nuances that appeal to customers while buying insurance online. The report, in fact, formed the basis for the launch of Bharti AXA GI’s new website which is e-commerce enabled and is designed to ease the onli
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Engg Dijo Mathew
Name15-Oct-2013
Name498
Name
0

The general insurance industry is unlikely to see much losses arising from the cyclonic storm Phailin that hit the eastern coast last night, as most commercial installations and ports along Odisha and Andhra are relatively less affected coupled with poor retail penetration in the region, say indus
Continue Reading...

sonali
Name15-Oct-2013
Name590
Name
0

MUMBAI: Shriram General Insurance has become the first private insurer to make a foreign acquisition with the purchase of a large chunk of share in Philippine non-life company Monarch Insurance. This is the first overseas insurance transaction after the insurance regulator in May 2013 allowed domest
Continue Reading...

sonali
Name15-Oct-2013
Name751
Name
0

When 59-year-old Uma Khetan underwent a gall bladder surgery in August, her family wasn't unduly worried about the expenses - she had a Rs 2-lakh cashless health insurance policy, in addition to Rs 50,000 accumulated as no-claim bonus through two years. The policy was from New India As
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Engg Dijo Mathew
Name16-Oct-2013
Name701
Name
0

Insurance business in India is expected to reach Rs 4 lakh crore in the current financial year, according to Insurance Regulatory and Development Authority (Irda) chairman T S Vijayan. The totalpremium collected by general and life insurance industry stood at Rs 3.75 lakh crore last y
Continue Reading...

Engg Dijo Mathew
Name16-Oct-2013
Name462
Name
0

The general insurance industry is unlikely to see much losses arising from the cyclonic storm Phailin that hit the eastern coast last night, as most commercial installations and ports along Odisha and Andhra are relatively less affected coupled with poor retail penetration in the region, say industr
Continue Reading...

sonali
Name16-Oct-2013
Name541
Name
0

MUMBA: The general insurance industry is unlikely to see much losses arising from the cyclonic storm Phailin that hit the eastern coast last night, as most commercial installations and ports along Odisha andAndhra are relatively less affected coupled with poor reta
Continue Reading...

sonali
Name16-Oct-2013
Name534
Name
0

Researchers believe UK insurers may be gambling on predicted cost savings arising from the recent civil litigation reforms, with the latest decreases meaning that the average cost of a comprehensive policy has dropped by £105 in the last 12 months, to £652. While, over the same perio
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Engg Dijo Mathew
Name17-Oct-2013
Name525
Name
0

“There has been a lot of damage to property and power infrastructure. However, most of it, including mud huts, is not insurable. This is a reflection of the under-penetration of insurance in these areas, which are in dire need of an insurance cover,” explained Amarnath Ananthanarayanan,
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sonali
Name17-Oct-2013
Name545
Name
0

Researchers believe UK insurers may be gambling on predicted cost savings arising from the recent civil litigation reforms, with the latest decreases meaning that the average cost of a comprehensive policy has dropped by £105 in the last 12 months, to £652. While, over the same perio
Continue Reading...

Varun
Name17-Oct-2013
Name577
Name
0

In December 2011, Insurance Regulatory and Development Authority (IRDA) had prescribed the obligations in terms of minimum premium to be underwritten in respect of stand-alone commercial vehicle motor third party (TP) insurance based on their market share. But, 60% of car
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Varun
Name17-Oct-2013
Name532
Name
0

MUMBAI: The general insurance industry is pinning its hope on increased automobile sales, in the second half of the current financial year, to revive its growth.  "We hope that auto sales will see a demand revival in the second half of the current fiscal due to festivities. This should su
Continue Reading...

CA. Sanjeev Soni
Name18-Oct-2013
Name499
Name
0

MUMBAI: Terming the low insurance density in the country as a "matter of concern", ICICI Bank MD and CEO Chanda Kochhar today said the industry requires a sustainable and profitable model for growth.  "Insurance density level in India is very low, compared to
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CA. Sanjeev Soni
Name18-Oct-2013
Name696
Name
0

MUMBAI: Terming the low insurance density in the country as a "matter of concern", ICICI Bank MD and CEO Chanda Kochhar today said the industry requires a sustainable and profitable model for growth.  "Insurance density level in India is very low, compared to
Continue Reading...

Engg. Ashok Khurana
Name18-Oct-2013
Name587
Name
0

MUMBAI: Shriram General Insurance has become the first private insurer to make a foreign acquisition with the purchase of a large chunk of share in Philippine non-life company Monarch Insurance. This is the first overseas insurance transaction after the insurance regulator in May 2013 allowed domest
Continue Reading...

CA. Sanjeev Soni
Name19-Oct-2013
Name668
Name
0

In APL Co. Pte. Ltd. v. Valley Forge Insurance Company, 11-18065, the Ninth Circuit Court of Appeals decided that the United States District Court for the Northern District of California erred in finding in favor of APL Co. Pte. Ltd. (“APL”) and held that the Valley Forge Insurance
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Engg Dijo Mathew
Name19-Oct-2013
Name491
Name
0

The Union Finance Minister P Chidambaram on Monday launched the Irda's Insurance Repository System (IRS).  The Insurance Repository will provide policyholders the facility to keep insurance policies in electronic form reducing the need for safekeeping a document. It will act as a s
Continue Reading...

Engg. Ashok Khurana
Name21-Oct-2013
Name539
Name
0

MUMBAI: Shriram General Insurance has become the first private insurer to make a foreign acquisition with the purchase of a large chunk of share in Philippine non-life company Monarch Insurance. This is the first overseas insurance transaction after the insurance regulator in May 2013 allowed domest
Continue Reading...

Engg. Ashok Khurana
Name21-Oct-2013
Name757
Name
0

MUMBAI: An insurance company will have to reimburse a Parel-based woman Rs 3.34 lakh assured under the overseas travel insurance policy after she fell ill on a trip to Thailand in 2011. The complainant, Anila Gupta, will also receive Rs 15,000 as compensation as the insurer, ICICI Lo
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Engg Dijo Mathew
Name21-Oct-2013
Name579
Name
0

MUMBAI: Terming the low insurance density in the country as a "matter of concern", ICICI BankBSE 0.67 % MD and CEO Chanda Kochhar today said the industry requires a sustainable and profitable model for growth.  "Insurance density level in India is very low, c
Continue Reading...

CA. Sanjeev Soni
Name22-Oct-2013
Name482
Name
0

Home loan insurance is a plan that covers a borrower's outstanding loan liability. In case of his death, the proceeds are used to pay the outstanding loan, thus reducing the family's burden. These policies typically offer a cover that reduces every year as the loan amount comes do
Continue Reading...

CA. Sanjeev Soni
Name22-Oct-2013
Name524
Name
0

MUMBAI: Increased affordability has resulted in average sum insured under online terminsurance jumping to Rs 70 lakh. With competition and absence of distribution costs bringing down the price of online term insurance to a third of similar policies sold through agents, companies are now innovat
Continue Reading...

Engg Dijo Mathew
Name22-Oct-2013
Name560
Name
0

Putting conditions for the Indian reinsurer’s entry into the Lloyd’s market, a top official and board member of Lloyd’s UK said the Indian company can think of joining Lloyd’s only after India allows more foreign investment in the insurance sector. On a specific question
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Engg Dijo Mathew
Name23-Oct-2013
Name753
Name
0

Government sources said the public sector General Insurance Corporation is working on a proposal to provide insurance cover to the nuclear industry. Part of the process involves drawing up premium rates for specific parts of a power reactor so that the actuarial burden of any direct or indirect li
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Engg Dijo Mathew
Name23-Oct-2013
Name472
Name
0

    Mudajaya Group eyes mega power plants in India: Mudajaya Group Bhd has set its sights on building and operating two ultra mega power plant (UMPP) projects with a capacity of 4,000 megawatts (MW) each in India. The group is looking for a partner either from Malaysia or India
Continue Reading...

Engg. Ashok Khurana
Name23-Oct-2013
Name587
Name
0

Key Highlights - Despite the global economic crisis, the Indian non-life insurance segment continued to grow at a healthy CAGR of 16.8% during the review period (2008-2012). - The Insurance Regulatory and Development Authority's (IRDA's) proposal to increase the foreign direct investme
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Engg. Ashok Khurana
Name23-Oct-2013
Name524
Name
0

The mega plan of state-owned reinsurer General Insurance Corporation of India (GIC Re) to become a member of Lloyd’s market, the Mecca of insurance companies, is not going to work out unless the country opens up the insurance sector further. Putting conditions for the Indian reinsurer’s
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Varun
Name24-Oct-2013
Name555
Name
0

A government-owned insurance company has begun doing the spadework on formulating a cover package for the nuclear industry that may help address the concerns of suppliers and operators over India’s 2010 law on liability. Government sources said the public sector General Insurance Corporation i
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Varun
Name24-Oct-2013
Name621
Name
0

    Mudajaya Group eyes mega power plants in India: Mudajaya Group Bhd has set its sights on building and operating two ultra mega power plant (UMPP) projects with a capacity of 4,000 megawatts (MW) each in India. The group is looking for a partner either from Malaysia or India
Continue Reading...

sonali
Name24-Oct-2013
Name520
Name
0

MUMBAI: General insurers are likely to get soon claims worth a few hundred crores from crop and weather insurance segments as super cyclone `Phailin' and subsequent floods had left a trail of devastation in coastal districts of Odisha and some regions in north-eastern Andhra Pradesh.  The i
Continue Reading...

Varun
Name25-Oct-2013
Name502
Name
0

NEW DELHI: With an aim to make the reverse mortgage facility more attractive for senior citizens, the government has decided to give tax break on installment earned by pledging his residential property. Now it has been decided that annuity would be tax exempt, National Housing Bank Chairma
Continue Reading...

Varun
Name25-Oct-2013
Name496
Name
0

Home loan insurance is a plan that covers a borrower's outstanding loan liability. In case of his death, the proceeds are used to pay the outstanding loan, thus reducing the family's burden. These policies typically offer a cover that reduces every year as the loan amount comes do
Continue Reading...

sonali
Name25-Oct-2013
Name417
Name
0

MUMBAI: Increased affordability has resulted in average sum insured under online terminsurance jumping to Rs 70 lakh. With competition and absence of distribution costs bringing down the price of online term insurance to a third of similar policies sold through agents, companies are now innovat
Continue Reading...

sonali
Name25-Oct-2013
Name609
Name
0

The Insurance Regulatory and Development Authority (Irda) will work towards reducing the time taken for assessment of loss and settlement of claims of agricultural crop insurance. While huge claims are being paid under this segment, the big issue is that ti takes considerable time, said M Rama
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Engg. Ashok Khurana
Name26-Oct-2013
Name522
Name
0

insurance Regulatory and Development Authority (Irda) said on Monday that the e-KYC (electronic know-your-customer) services operationalised by the Unique Identification Authority of India (UIDAI) will be accepted as valid KYC process for insurance. Earlier, Irda had informed insurer
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CA. Sanjeev Soni
Name26-Oct-2013
Name478
Name
0

Non-Life Insurance: Global Industry Guide is an essential resource for top-level data and analysis covering the Non-Life Insurance industry. It includes detailed data on market size and segmentation, textual analysis of the key trends and competitive landscape, and profiles of the leading companies.
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CA. Sanjeev Soni
Name26-Oct-2013
Name772
Name
0

Sample this: A Delhi-based hospital has recently been directed by the apex consumer court to pay Rs 8 lakh to the widow of a private school teacher. The reason being that the teacher was discharged despite being far from fit and died soon after due to medical negligence. In another case a few years
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sonali
Name26-Oct-2013
Name517
Name
0

GUNTUR (AP): The Modified National Agriculture Insurance Scheme (MNAIS), which has been made applicable to paddy crop, is an all comprehensive one, which covers everything from the pre-sowing stage to post harvest operations, a senior official said here today.  MNAIS Special Officer
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sonali
Name28-Oct-2013
Name539
Name
0

MUMBAI: Private general insurerCholamandalamBSE 1.10 % MS General Insurance Company Ltd launched an insurance product today called 'Chola Protect for Trucks' with 11 add-on covers.  "It is India's first packaged complete protection policy for trucks that offers
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sonali
Name28-Oct-2013
Name546
Name
0

MUMBAI: The Bombay High Court today issued notices to 25 non-life insurance companies on a PIL seeking pre-packaged compensation for 42 ailments, covered under medical insurance policies, on the basis of sum insured and on the type of the hospital.  The notices were issued by a bench
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sonali
Name28-Oct-2013
Name691
Name
0

Irda’s stand has been the general insurers are outsourcing a lot of their work relating to the motor insurance services from auto dealers. “Irda chairman TS Vijayan wants more people to buy motor policies as there is a large number of people who are owning automobiles but not buying
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CA. Sanjeev Soni
Name29-Oct-2013
Name644
Name
0

In a major relief to life insurance companies who did not have adequate products in their bouquet, Insurance Regulatory and Development Authority (Irda) has extended the deadline for phasing oout the old products in traditional segment till December 31. The earlier deadline was October 1 and this wo
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CA. Sanjeev Soni
Name29-Oct-2013
Name582
Name
0

Solid underwriting results along with consistent levels of investment income have led to surplus growth in recent years and has enabled M&C General to maintain a very strong level of risk-adjusted capitalization for its current business profile. The management team at M&C General has exten
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Engg Dijo Mathew
Name29-Oct-2013
Name614
Name
0

NEW DELHI: Keen to push insurance sector reforms, the UPA government is contemplating a proposal under which theFDI cap in insurance sector would be raised from 26 per cent to 49 per cent without commensurate increase in voting rights.  According to sources, the government is al
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Engg Dijo Mathew
Name29-Oct-2013
Name515
Name
0

Concerned over the excess incentives insurers are paying motor dealers — leading to expensive motor policies — insurance regulator Irda has asked general insurers to bring down such incentives and instead pass on the benefits to customers in the form of low premium on policies. Irda'
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Engg Dijo Mathew
Name30-Oct-2013
Name475
Name
0

CHENNAI: Eyeing three to four per centmarket share in the health insurance sector, city-based Cholamandalam MS General Insurance has launched new policy 'Chola Swasth Parivar Health Insurance Policy'.  "Chola Swasth Parivar Health Insurace policy is a family
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Engg. Ashok Khurana
Name30-Oct-2013
Name425
Name
0

insurance companies on a PIL seeking pre-packaged compensation for 42 ailments, covered under medical insurance policies, on the basis of sum insured and on the type of the hospital. The notices were issued by a bench headed by Chief Justice Mohit Shah on a PIL filed by social worker Gaurang Damani
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Varun
Name30-Oct-2013
Name498
Name
0

ITIC has warned shipping intermediaries to be on the look-out for cleverly forged documents which could result in them being held liable for substantial claims by cargo interests.  In the latest issue of its Claims Review, ITIC refers to the case of a Belgian ship agent which released six conta
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Engg. Ashok Khurana
Name31-Oct-2013
Name482
Name
0

The new shipping route opened up through the Arctic by climate change will not be crowded any time soon. Cargoes of coal, diesel and gas have made the trip but high insurance costs, slow going and strict environmental rules mean there will not be a rush to follow them. Looser ice means icebergs. One
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Engg. Ashok Khurana
Name31-Oct-2013
Name487
Name
0

In APL Co. Pte. Ltd. v. Valley Forge Insurance Company, 11-18065, the Ninth Circuit Court of Appeals decided that the United States District Court for the Northern District of California erred in finding in favor of APL Co. Pte. Ltd. (“APL”) and held that the Valley Forge Insurance
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sonali
Name31-Oct-2013
Name439
Name
0

Hitherto, insurers, both life and non-life, were permitted to take an exposure in a specific sector up to 15 per cent of their investments (which includes debt and equity), with the exception of banking and financial services where the limit is 25 per cent and infrastructure where there is no expo
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Engg. Ashok Khurana
Name01-Nov-2013
Name545
Name
0

Some dealers and manufacturers are promising free car insurance to customers this festive season. They are offering to pay premiums for up to three years. The offer is enticing to buyers as it helps them save money on the premium on this mandatory cover. Also, it helps them buy insurance o
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Engg Dijo Mathew
Name01-Nov-2013
Name522
Name
0

HYDERABAD: While the governments of Andhra Pradesh and Karnataka are yet to make up their mind on sanctioning ex-gratia to the families of the Volvo bus mishap victims on humanitarian grounds, the kin of the victims are entitled to claim insurance to the tune of Rs 5 lakh to Rs 1 crore dep
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Engg Dijo Mathew
Name02-Nov-2013
Name603
Name
0

Due to lower premiums and ease of buying, life policies are being bought through the internet. Buying life insurance online is fast emerging as a preferred medium for buying and selling pure protection term insurance products.  Most online insurance buyers are relatively young, urban and t
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CA. Sanjeev Soni
Name02-Nov-2013
Name522
Name
0

MUMBAI: India's insurance regulator has decided to double the investment limit in liquid mutual funds for general insurers.  At present, general insurance companies are allowed to invest 1.5% of assets into liquid mutual funds under the approved investment category where the size
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Engg. Ashok Khurana
Name08-Nov-2013
Name480
Name
0

A sharp slowdown in infrastructure activities has hit the engineering business of non-life insurers. The engineering premium grew by a mere 1.84 per cent for the three months ended June 30, according to the latest number released by insurance regulator Irda. Insurance cover bought for projects unde
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Engg Dijo Mathew
Name08-Nov-2013
Name520
Name
0

MUMBAI: Largest general insurer New India Assurance feels pricing in the industry has stabilised to a great extent compared with two years ago period.  "Pricing has certainly improved and stabilised compared to what it used to be two years ago...," company's Chairman an
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Engg. Ashok Khurana
Name09-Nov-2013
Name456
Name
0

MUMBAI: SBIBSE -1.20 % General Insurancetoday said it has seen a healthy 83 per cent growth in premium income to Rs 540.93 crore in the first half of the current financial year.  "We have been able to achieve 83 per cent growth in premium collection despite difficult economic co
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Engg. Ashok Khurana
Name09-Nov-2013
Name430
Name
0

Health insurance customers with multiple covers don't have to fret about making a claim anymore. They have the option of approaching one of the insurance companies and claim the entire amount.  Earlier, those with multiple policies were required to approach both (or all) insurers and the c
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Engg Dijo Mathew
Name09-Nov-2013
Name371
Name
0

MUMBAI: SBIBSE -1.20 % General Insurancetoday said it has seen a healthy 83 per cent growth in premium income to Rs 540.93 crore in the first half of the current financial year.  "We have been able to achieve 83 per cent growth in premium collection despite difficult economic co
Continue Reading...

Engg Dijo Mathew
Name09-Nov-2013
Name441
Name
0

MUMBAI: India's insurance regulator has decided to double the investment limit in liquid mutual funds for general insurers. At present, general insurance companies are allowed to invest 1.5% of assets into liquid mutual funds under the approved investment category where the size of the
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Varun
Name11-Nov-2013
Name440
Name
0

MUMBAI: ISRO has decided against insuring its Mars mission, given the high cost of a cover. Insurers say that the cost of cover for the launch in the international market would have been very high and may have amounted to almost half the cost of the project. The Mars mission aim
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Varun
Name11-Nov-2013
Name537
Name
0

MUMBAI: Aviation insurance is likely to emerge as a key growth area in the coming years with new airlines starting operations and existing players expanding fleet size, industry officials said. Though the current market size of aviation insurance stands at around Rs 500 crore, growth
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Engg Dijo Mathew
Name12-Nov-2013
Name361
Name
0

MUMBAI: ISRO has decided against insuring its Mars mission, given the high cost of a cover. Insurers say that the cost of cover for the launch in the international market would have been very high and may have amounted to almost half the cost of the project. The Mars mission aim
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Engg. Ashok Khurana
Name12-Nov-2013
Name446
Name
0

MUMBAI: Buying international plane tickets for family members online is a breeze, but buying overseas mediclaim cover for others now requires advance planning. Insurance companies are insisting that electronic payment for policies must come from the policyholder's own account. Nikhil W, who was
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Engg. Ashok Khurana
Name12-Nov-2013
Name403
Name
0

Aviva Life Insurance, today announced the launch of 13 products that are compliant with the new traditional product guidelines, one of the earliest to conform to the new guidelines in the life insurance space. Sanjeeb Kumar, Appointed Actuary at Aviva Life said, "It has been Aviva's e
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Engg Dijo Mathew
Name13-Nov-2013
Name382
Name
0

Nov. 12 – China’s Social Insurance Law provides that foreigners working in the country are required to participate in the national social insurance scheme. In September 2011, the MHRSS further promulgated the Interim Measures for Participation in the Social Insurance System by Foreigners
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Engg Dijo Mathew
Name13-Nov-2013
Name355
Name
0

General Manager of Communications at the Insurance Council of Australia, Campbell Fuller, says the industry response to the fires has been swift. "Under-insurance... is a significant issue in the Blue Mountains," he said. "In some instances it may be that the cost of rebuilding
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CA. Sanjeev Soni
Name13-Nov-2013
Name394
Name
0

Penny-pinching" is being blamed for a change in government responses to natural catastrophes, and the Blue Mountains' plight might be the start of a national rethink. Insurance and disaster recovery officials fear Blue Mountains bushfire victims will have significantly less chance of rebuil
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CA. Sanjeev Soni
Name13-Nov-2013
Name387
Name
0

Health insurance customers have been warned to expect premium hikes of up to 15 per cent as a result of rule changes announced by Minister for Health James Reilly and budget reductions in tax relief on premiums. Dr Reilly announced yesterday that the stamp duty on most health insurance products is t
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Varun
Name14-Nov-2013
Name436
Name
0

The federal government is sending out emails starting Tuesday to invite 275,000 people who failed to enroll at the new health insurance website to try again. The HealthCare.gov website is now working well enough so that people who started to create accounts and then gave up should be able to fi
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Varun
Name14-Nov-2013
Name458
Name
0

If you want to meet somebody who's really happy with the Affordable Care Act, then say hello to Sue Birch, Colorado's Medicaid director. Nearly 40,000 Coloradans signed up for health coverage on the state's new marketplace, Connect for Health Colorado, rather than HealthCare.gov. An
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sonali
Name14-Nov-2013
Name541
Name
0

NEW DELHI: Weeks after the passage of the pension bill, the sector regulatory body chiefYogesh Agarwal on Wednesday put in his papers which he said was under instructions from the government, making it a rare case of a regulator being asked to step down. "Yes, I have resigned. I was
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CA. Sanjeev Soni
Name15-Nov-2013
Name416
Name
0

Many insurance policyholders have been getting similar calls from representatives of theInsurance Regulatory and Development Authority for a while now. In fact, the insurance regulator was forced to issue a public alert recently, cautioning policyholders against falling for such sales pitch by
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Engg Dijo Mathew
Name15-Nov-2013
Name373
Name
0

MUMBAI: SBIBSE 1.45 % General Insurance today said it has seen a healthy 83 per cent growth in premium income to Rs 540.93 crore in the first half of the current financial year. "We have been able to achieve 83 per cent growth in premium collection despite difficult economic conditions and slowdow
Continue Reading...

Varun
Name16-Nov-2013
Name426
Name
0

MUMBAI: India's insurance regulator has decided to double the investment limit in liquid mutual funds for general insurers.  At present, general insurance companies are allowed to invest 1.5% of assets into liquid mutual funds under the approved investment category where the size
Continue Reading...

Varun
Name16-Nov-2013
Name434
Name
0

Revival option of lapsed policies from Reliance Life Closed-ended income plan from ICICI Pru MF Franklin Asian Equity Fund declares dividend Birla Sun Life Mutual Fund launches Fixed Term Plan
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sonali
Name16-Nov-2013
Name423
Name
0

Aviva Life Insurance has launched 13 products that are compliant with the new guidelines of Insurance Regulatory and Development Authority. The products will focus on providing higher minimum guarantee on premature withdrawal, higher life cover for customers and better surrender values. Revival opti
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Engg Dijo Mathew
Name18-Nov-2013
Name467
Name
0

The government has erred by asking Yogesh Agarwal to step down as head of the pensionfund regulator ahead of his tenure without citing specific reasons.  An alluded reason is his choice of personnel to man the regulatory body. But the fact is that regulators need lateral entry of capable
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Engg Dijo Mathew
Name18-Nov-2013
Name651
Name
0

MUMBAI: Aviation insurance is likely to emerge as a key growth area in the coming years with new airlines starting operations and existing players expanding fleet size, industry officials said. Though the current market size of aviation insurance stands at around Rs 500 crore, growth
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Varun
Name18-Nov-2013
Name394
Name
0

MANGALORE: City based private sector bank - The Karnataka Bank Ltd has appointed Rammohan Rao Belle, former managing director and chief executive officer of SBI GeneralInsurance Company Ltd, as an additional director. Rammohan started his banking career in 1974 in SBI. During a span of 38 years
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Varun
Name18-Nov-2013
Name440
Name
0

Gard announced today that it is launching a ship manager liability policy, responding to liabilities arising from negligence in performing contracted duties. Ship managers will receive financial protection, claims handling and legal assistance. Andre Kroneberg, Vice President for Product Developmen
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Engg. Ashok Khurana
Name19-Nov-2013
Name562
Name
0

NEW DELHI: Axis Bank will become a "foreign- owned" lender, to be governed byFDI policy, following the go- ahead to its proposed increase in foreign investment holding to 62 per cent, entailing inflow of over Rs 6,200 crore. The proposal, recently cleared by the Foreign Inv
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Engg. Ashok Khurana
Name19-Nov-2013
Name400
Name
0

AHMEDABAD: Private Insurer - Shriram Life Insurance, a part of diversified Shriram Group, would add five more branches in Gujarat by the end of the fiscal year 2013-14. Currently, Gujarat contributes 7% of its total premium collection. "We already have 5 branches in Gujarat and we aim to h
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Engg Dijo Mathew
Name19-Nov-2013
Name436
Name
0

MUMBAI: State-run reinsurer General Insurance Corporation of India and four other general insurers will vote against the Rs 3,500-crore Ambuja-Holcim deal as it is against the interest of minority shareholders. The biggest institutional holder Life Insurance Corporation is undeci
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Engg. Ashok Khurana
Name20-Nov-2013
Name479
Name
0

Tata AIG General Insurance is hopeful of posting a growth rate of 15-16 per cent that should be better than industry average for this fiscal, a top company official said. “Industry growth has come down to around 15 per cent. Month-by-month trend is not encouraging. We have grown at 18 per cent
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Varun
Name20-Nov-2013
Name518
Name
0

4.Oil insurance pool for Iranian crude expected for India in December The Finance Ministry in India is asking the Petroleum Ministry to work more quickly in their effort to complete the procedure for the creation of the oil insurance pool that would make it possible to provide cove
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Varun
Name20-Nov-2013
Name410
Name
0

AHMEDABAD: The 41st conference of Indian Prosthodontic Society will be held from Friday to Sunday by the Gujarat Prosthodontic Forum to discuss the latest technology in dentistry and researches on tooth implant. Gujarat is hosting the conference for the first time, which has a theme "
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Engg Dijo Mathew
Name21-Nov-2013
Name461
Name
0

The leaders of the House Financial Services Committee say they are standing behind last year's bipartisan legislation to put the flood insurance program on sounder financial footing even as the implementation of the law has sparked a chorus of complaints from constituents fearing spikes in pre
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Engg Dijo Mathew
Name21-Nov-2013
Name361
Name
0

KOLKATA: India's largest general insurer New India Assurance has decided to expand agent base by 40% this fiscal as its plans to focus more on retail business to improve margin. The insurer said it wants to increase retail business share to 70% in the next couple of years from 60% at p
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Engg Dijo Mathew
Name21-Nov-2013
Name421
Name
0

Insurance companies are now expected to have a quicker and easier means of settlement of inter-company balances, with the ‘InsuranceClearing House’ being set up. Insurance Regulatory and Development Authority (Irda) has proposed this would act as a clearing house for these transacti
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Engg. Ashok Khurana
Name22-Nov-2013
Name384
Name
0

MUMBAI: Aviation insurance is likely to emerge as a key growth area in the coming years with new airlines starting operations and existing players expanding fleet size, industry officials said. Though the current market size of aviation insurance stands at around Rs 500 crore, growth
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Engg. Ashok Khurana
Name22-Nov-2013
Name686
Name
0

MUMBAI: General insurers in India are planning to break free from the custom of filing a product and then selling it to big corporates, as that cripples the freedom to tailor a product that would suit a company. TheGeneral Insurance Council, a representative body of non-life insurers, including 
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sonali
Name23-Nov-2013
Name420
Name
0

Rajan made that remark at a global meet (to honour him); but, interestingly, it would seem to apply quite closely to the current Indian situation. APPLIES TO IRDA It helps RBI as well: Through such markets, India’s banking sector can de-risk itself of large-scale project finance risks. The
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Varun
Name23-Nov-2013
Name444
Name
0

Mumbai: General insurance companies have sought approval from IRDA to increase the travel insurance premium due to the fall in the rupee, industry sources said. The premium of marine insurance is also likely to be increased on the back of the rupee fall, they said. "We have gone to Insurance
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Varun
Name23-Nov-2013
Name431
Name
0

The report says the middle class will necessarily contribute to the growth, particularly in the health segment. The Union government's initiatives will help propel the growth and premium collection in the health insurance space is likely to touch R20,000 crore by FY15, it says.
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Varun
Name25-Nov-2013
Name454
Name
0

MUMBAI: Cigna TTK Health InsuranceCompany, a joint venture between US-based global health service provider Cigna Corporation and TTK Group, today said it has received regulatory license from IRDAlast week and will commence its operations soon.  "We are happy
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Varun
Name25-Nov-2013
Name414
Name
0

MUMBAI: Tata AIG General Insurance is hopeful of posting a growth rate of 15-16 per cent that should be better than industry average for this fiscal, a top company official said.  "Industry growth has come down to around 15 per cent. Month-by-month trend is not encouraging... we
Continue Reading...

sonali
Name25-Nov-2013
Name481
Name
0

AHMEDABAD: Private Insurer - Shriram Life Insurance, a part of diversified Shriram Group, would add five more branches in Gujarat by the end of the fiscal year 2013-14. Currently, Gujarat contributes 7% of its total premium collection.  "We already have 5 branches in Gujarat and we a
Continue Reading...

sonali
Name25-Nov-2013
Name568
Name
0

The Insurance Regulatory and Development Authority (Irda) has asked companies to charge themselves a 210 per cent provisioning for a high risk category of third party motor insurance risks. It is 110 per cent so far. A notification issued on November 18 by Irda said a special committee formed by
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Engg. Ashok Khurana
Name26-Nov-2013
Name439
Name
0

Domestic general insurers want the insurance regulator to cut back the steep hike in provisioning it has made for the part of motor insurance which is compulsory. The higher provisioning will not raise premium rates for people buying motor insurance but it will raise costs for insurance companies. T
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Engg. Ashok Khurana
Name26-Nov-2013
Name684
Name
0

Want to buy a term insurance plan? For a 30-year-old man, the cost of a Rs 1 crore cover is as low as Rs 22 a day. Purchase a term insurance plan and you can rest assured that you have secured the financial future of your family. Or can you? A lump-sum payment of Rs 1 crore can easily become a prob
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Engg Dijo Mathew
Name26-Nov-2013
Name313
Name
0

COIMBATORE: The General Insurance Employees' Association will seek support of the public, particularly over 30 crore policyholders, to defeat the government move to pass the Insurance Bill in Parliament, which would adversely affect the public insurance sector, a top association official said.&n
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Engg Dijo Mathew
Name26-Nov-2013
Name416
Name
0

— Sanjay Awasthi How will the new life insurance products from January 1 be different from the existing ones and does it make sense to switch to the new policies? The new Irda guidelines make traditional products more customer-friendly. Some of the broad changes include (a) improved guar
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sonali
Name27-Nov-2013
Name399
Name
0

The Insurance Regulatory and Development Authority (Irda) has asked companies to charge themselves a 210 per cent provisioning for a high risk category of third party motor insurance risks. It is 110 per cent so far. A notification issued on November 18 by Irda said a special committee formed by
Continue Reading...

Engg Dijo Mathew
Name27-Nov-2013
Name380
Name
0

MUMBAI: Largest general insurer New India Assurance today said it has come up with a combination product for lower income groups that will have life, medical and accident covers among others.  "We are launching a product for the lower income population, like domestic helps, with an annual
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Engg Dijo Mathew
Name27-Nov-2013
Name344
Name
0

The insurance regulator IRDA came calling on SEBI Bhavan here on Tuesday, according to SEBI sources. In a display of camaraderie, T.S. Vijayan, Chairman, Insurance Regulatory Authority of India addressed senior SEBI officials on various policy issues. These included coordination among regulators and
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Engg Dijo Mathew
Name28-Nov-2013
Name439
Name
0

"We are working with national accreditation agencies to uniquely identify hospitals, which will involve giving them identity numbers that will be integrated with the pin code of the area and the name of hospitals. He also said the regulator was collecting transactional data for health insur
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sonali
Name28-Nov-2013
Name421
Name
0

The win is the result of a pitch process. The newly appointed agency will work towards building the brand in the Indian market.     Cigna TTK Health Insurance, a joint venture between US-based health service company Cigna Corporation and Indian conglomer
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sonali
Name28-Nov-2013
Name426
Name
0

In its bid to help identify hospitals and collect information regarding various charges imposed by them on different medical procedures, the insurance regulator IRDA has started a process to provide unique identity numbers to hospitals. “We are working with national accreditation agencies to u
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Engg. Ashok Khurana
Name29-Nov-2013
Name418
Name
0

Mumbai: Insurance watchdog Irda is planning to allow industry players to sell some products first and then take approvals as per 'use and file' regime in its bid to allow tailor-made products. "We have asked life companies and non-life council to suggest the type of products that don&#
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Engg. Ashok Khurana
Name29-Nov-2013
Name525
Name
0

The Insurance Regulatory and Development Authority (Irda) has said it will approve products under the use-and-file regime. “We had asked companies to suggest the type of products and wordings of the products. Once this is standardised, the use-and-file method can be used for product approvals.
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Engg. Ashok Khurana
Name29-Nov-2013
Name532
Name
0

Premium collection amongst general insurance companies grew by 14.25 per cent in the first half of the current fiscal which also saw insurers like Royal Sundaram, Shriram General and United India registering lower mop-ups. While the premium collection of Royal Sundaram during April-September decline
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Engg. Ashok Khurana
Name30-Nov-2013
Name422
Name
0

Amit Sharma had taken a mediclaim policy a few years ago from an insurance company of repute and he also seemed very much satisfied with that policy till sometime back. The reason being that the insurance company had readily honoured his claim for medical expenses, which he had incurred last year fo
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Engg. Ashok Khurana
Name30-Nov-2013
Name385
Name
0

Complaints from life insurance policyholders about unfair business practice by companies have grown by over 67% in 2012-13, says the consumer affairs booklet released on Wednesday by insurance regulator IRDA. The nature of complaints includes malpractices, difference in promised and actual features
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Engg. Ashok Khurana
Name02-Dec-2013
Name402
Name
0

NEW DELHI: State Bank of TravancoreBSE 1.06 % (SBT) and SBI General Insurance jointly launched an affordable health insurance plan for SBT customers.  "SBI General Insurance and SBT jointly announced the launch of SBI General's Group Health Insurance Policy exclusively for SBT account
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Engg. Ashok Khurana
Name02-Dec-2013
Name345
Name
0

MUMBAI: Health Insurance companies today told the Bombay High Court that it would be difficult to introduce pre-packaged compensation for 42 ailments covered under medical insurance on the basis of the sum insured and the type of hospital.  The court had on August 2 asked the Insurance Regulato
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Engg. Ashok Khurana
Name02-Dec-2013
Name404
Name
0

For those who have paid through their nose for medical treatments, for those who are unnerved by the arbitrary cost of healthcare, and for those who are baffled by more-business-less-service approach of hospitals, the insurance regulator seems to have a remedy. Recently, the Insurance Regulatory and
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sonali
Name03-Dec-2013
Name374
Name
0

MUMBAI: Though public sector general insurers are better capitalised to fund their future growth, industry officials feel adequate premium pricing and right reinsurance cover will enable the industry to chug ahead.  "If premium adequacy and right amount of reinsurance support are there, th
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sonali
Name03-Dec-2013
Name361
Name
0

Complaints from life insurance policyholders about unfair business practice by companies have grown by over 67% in 2012-13, says the consumer affairs booklet released on Wednesday by insurance regulator IRDA. The nature of complaints includes malpractices, difference in promised and actual features
Continue Reading...

CA. Sanjeev Soni
Name03-Dec-2013
Name625
Name
0

MUMBAI: Health Insurance companies today told the Bombay High Court that it would be difficult to introduce pre-packaged compensation for 42 ailments covered under medical insurance on the basis of the sum insured and the type of hospital.  the court had on August 2 asked the Insurance Regulato
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CA. Sanjeev Soni
Name03-Dec-2013
Name499
Name
0

The Insurance Regulatory and Development Authority (IRDA) is likely to fix the processes related to the newly-launched repository system after meeting the Life Insurance Council, insurers and the five repositories this month. The KYC (Know Your Customer) norms, free-look period, guidelines and cost
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Engg. Ashok Khurana
Name05-Dec-2013
Name400
Name
0

MUMBAI: Private insurer Apollo Munich today launched ENERGY -- a plan that provides insurance cover for those suffering from type II diabetes.    "The insurance and wellness ecosystem we have built will help those with Diabetes control it much better, and lead a close-to-normal lifest
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Engg. Ashok Khurana
Name05-Dec-2013
Name448
Name
0

MUMBAI: General insurance companies have sought approval from Irda to increase the travel insurance premium due to the fall in the rupee, industry sources said.  The premium of marine insurance is also likely to be increased on the back of the rupee fall, they said.  "We have gone t
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Engg Dijo Mathew
Name05-Dec-2013
Name361
Name
0

“On 3/7/2008, the Chairman, LIC had written to the IRDA confirming that the investment management system as mandated by the IRDA is fully in place. Based on this confirmation by the Chairman, LIC, the IRDA has granted certain exemptions in different categories of the investment portfolio. Howe
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sonali
Name06-Dec-2013
Name448
Name
0

Insurance brokers may be allowed to expand into smaller towns and cities through the sub-broking channel so that the non-life insurance needs of retail customers can be better served. Currently, there are around 300 active brokers, present mostly in urban centres. Retail distribution of insurance ta
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sonali
Name06-Dec-2013
Name322
Name
0

About 29,000 people signed up for health insurance on the federal government’s HealthCare.gov website during the first two days of December — more than during the whole month of October, a source familiar with the numbers says. The source, who is familiar with the data but who asks not t
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sonali
Name06-Dec-2013
Name441
Name
0

NEW DELHI: Insurance regulator Irda has imposed a total penalty of Rs 35.3 lakh onIndia Infoline Insurance Brokers Ltd for violating certain norms, including distance-marketing guidelines.  The regulator, which conducted an inspection of the broker during March 6-9, 201
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Engg Dijo Mathew
Name07-Dec-2013
Name408
Name
0

Though the motor vehicle insurance market is believed to have great potentials, because taking motor vehicle insurance policies is compulsory for all drivers, insurers still cannot fully exploit the market. Analysts have every reason when saying that the motor vehicle insurance market is a big cake:
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Engg Dijo Mathew
Name07-Dec-2013
Name427
Name
0

The ambitious bilateral Free Trade Agreement (FTA) between India and European Union (EU) is stalled. The reason is the failure of the Indian government to pass a significant financial legislation -- the InsuranceLaws(Amendment)Bill,2008.  The Bill has been pending with the Rajya Sabha since 200
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Engg. Ashok Khurana
Name07-Dec-2013
Name516
Name
0

A tidal surge and storm that has battered large parts of Britain is likely to lead to a string of insurance claims from residents. It is the latest significant weather damage, coming after the St Jude storm hit southern England in October, leading to insurance pay outs of about £130m. Insurers
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Engg. Ashok Khurana
Name07-Dec-2013
Name381
Name
0

Last week, the White House wrapped up a five-week emergency effort to fix the most obvious of the website's technical problems and between midnight on Sunday and noon on Friday, government health officials said 3.7 million people visited. HealthCare.gov relays information about new
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Engg Dijo Mathew
Name09-Dec-2013
Name380
Name
0

Enrollments in Colorado’s health insurance exchange have been lagging behind that seen in other states throughout the U.S. Technical difficulties with the exchange’s website and servers has made it difficult for residents to enroll for coverage. Colorado runs its own insurance
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Engg. Ashok Khurana
Name09-Dec-2013
Name475
Name
0

CHENNAI: What municipal and state governments don't accept or admit, insurance sellers do. Several state governments that brush dengue deaths under the carpet for fear of backlash have been exposed with insurers reporting instances of higher claims in dengue this year as compared to la
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Engg. Ashok Khurana
Name09-Dec-2013
Name526
Name
0

Insurance companies have gone on the war path with car dealers who have found selling insurance is more lucrative than selling vehicles. Car dealerships are being offered commissions of up to 40 per cent by two leading general insurance companies to ramp up business. The issue has riled the industry
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Engg. Ashok Khurana
Name10-Dec-2013
Name335
Name
0

MADURAI: An Advance Reflective Education and Training on Micro Insurance was organised by DHAN foundation, a Madurai-based NGO in the city, from December 4 to 7. Stakeholders of insurance industry like representatives of insurance companies, regulators, development organisations, community-based org
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Engg. Ashok Khurana
Name10-Dec-2013
Name557
Name
0

Brussels: Low FDI cap in the insurance sector is an 'outstanding issue' for India-EU free trade pact and the EU is waiting for the Indian Parliament to pass the bill that aims to raise the limit, a European Union official has said. The Insurance Laws (Amendment) Bill 2008, which seeks to ra
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Engg Dijo Mathew
Name10-Dec-2013
Name371
Name
0

NEW DELHI: India's oil industry has paid over Rs 118,500 crore cess on the output of crude oil and natural gas in three decades, but not even 1% of this could be utilised for developing the sector, an oil ministry note said.  The oil ministry has asked the finance ministry to pro
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Engg Dijo Mathew
Name10-Dec-2013
Name385
Name
0

NEW DELHI: Absence of a standard protocol for treatment has led to lack of uniformity in cost of treatments and there is a need to make affordable insurance products, a member of the insurance sector regulator Irda said here today.  "We have to have standard protocols in these areas (trea
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Engg Dijo Mathew
Name11-Dec-2013
Name344
Name
0

absence of a standard protocol for treatment has led to lack of uniformity in cost of treatments and there is a need to make affordable insurance products, a member of the insurance sector regulator Irda said here today. "We have to have standard protocols in these areas (treatments) to work ou
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Engg Dijo Mathew
Name11-Dec-2013
Name344
Name
0

Inflation is raging, but the costs of private healthcare are rising even faster. One estimate says that health care costs in India are increasing by 13-14 per cent every year. The only way to safeguard your finances against a fat medical bill is to buy a health insurance policy. There are several ty
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Engg. Ashok Khurana
Name11-Dec-2013
Name424
Name
0

NEW DELHI: Insurance regulator Irda today asked all insurers to adopt a reasonable font size so that the policy holders are not at discomfort while reading forms.  "In order to ensure that the policyholders and beneficiaries of insurance policies are not at discomfort while using the form
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CA. Sanjeev Soni
Name12-Dec-2013
Name548
Name
0

The insurance industry has been awaiting an increase in the foreign direct investment (FDI) limit for years. David Wolf, COO of Aegon Asia spoke to TOI about why an increase in the ceiling is needed. Excerpts:  Are you satisfied with your business progress in India?  Aegon Religare Life
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sonali
Name12-Dec-2013
Name487
Name
0

INDORE: With the arrest of a youth hailing from Ujjain district, the Indore police crime branch have busted a fake vehicle insurance policy racket, which had duped over 40 vehicle owners in Indore and neighbouring districts by issuing fake insurance policies in the name of Reliance G
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sonali
Name12-Dec-2013
Name425
Name
0

MUMBAI: Public sector general insurance companies are petitioning the sector regulator to allow them to revalue their real estate assets. Some of the public sector companies are finding themselves short of statutory capital requirements after the Insurance Regulatory and Developm
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Engg. Ashok Khurana
Name13-Dec-2013
Name368
Name
0

How has the recent slowdown affected the general insurance industry and your business in particular? What kind of growth have you witnessed this year? What will be the drivers in the future? What are your expansion We now have about 105 offices spread across India. Of this, we added 27 offic
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Engg Dijo Mathew
Name13-Dec-2013
Name420
Name
0

HYDERABAD: Aegon Religare Life Insurance Company is mulling to dabble in other segments apart from term insurance to corner business from the online platform, said a top official of the company on Thursday.  "Presently around 90% of the online insurance plan sold are term plans
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sonali
Name14-Dec-2013
Name417
Name
0

Insurance Europe is the European insurance and reinsurance federation. Through its 34 member bodies — the national insurance associations — Insurance Europe represents all types of insurance and reinsurance undertakings, eg pan-European companies, monoliners, mutuals and SMEs. Insurance
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sonali
Name14-Dec-2013
Name1155
Name
0

As our clients get older and closer to retirement, there's one type of insurance that's on everyone's mind: long-term care insurance. A lot of advisers recommend that clients get long-term care insurance because it's a good way to protect our clients' assets. But lately I have
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CA. Sanjeev Soni
Name14-Dec-2013
Name568
Name
0

In a few months, Michigan residents who want abortion insurance will have to pay extra to get it. Lawmakers on Wednesday passed the requirement into law, which the state’s Republican Gov. Rick Snyder vetoed about a year ago. “This bill came back to the legislature by kind of a unique p
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CA. Sanjeev Soni
Name14-Dec-2013
Name411
Name
0

The financial turmoil at RSAInsurance Ireland is now set to cost families around €100 in higher premiums, experts said. This is because RSA will be forced to hike premiums after its parent company had to shore it up again. And other insurers will now seize the opportunity from the hobbling
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Engg. Ashok Khurana
Name16-Dec-2013
Name422
Name
0

The state of policy paralysis in India has hurt the general insurance industry significantly, says managing director and chief executive officer of HDFC Ergo, Ritesh Kumar. In an interview with Vishwanath Nair, he speaks on the growth drivers of the future, HDFC Ergo's expansion plans and the co
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Engg. Ashok Khurana
Name16-Dec-2013
Name580
Name
0

Given the events of 2012, the choice of ‘Marine Insurance – building resilience and defining a sustainable future’ as the common theme for the IUMI annual conference could not have been more apt. The Costa Concordia was the biggest single casualty loss in history for the marine ins
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CA. Sanjeev Soni
Name16-Dec-2013
Name451
Name
0

As the insurance regulator pushing for a major restructuring exercise in the life segment with focus on a customer-friendly and transparent approach, the industry which comprises of 24 players is raring to go with the revised set of schemes. Life Insurance Corporation (LIC), the leader, has decide
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Engg. Ashok Khurana
Name17-Dec-2013
Name463
Name
0

Fitch Ratings says in a new report that UK non-life insurers will continue to face pressure on their underwriting margins due to fierce competition, making sustaining underwriting profitability one of the main challenges for 2014. However, strong risk-adjusted capitalisation, which the agency expect
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Engg. Ashok Khurana
Name17-Dec-2013
Name371
Name
0

NEW DELHI: Insurance regulator IRDA has asked Reliance Life Insurance Company(RLIC) to strengthen procedures for complying with the anti-money laundering norms.  "...Authority advises your company (RLIC) to strengthen the procedure for complying with the AML (Anti-Money Lau
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Engg. Ashok Khurana
Name18-Dec-2013
Name424
Name
0

Car insurance premiums are unnecessarily high and should be reduced though "far reaching reforms", the competition watchdog has said. The Competition Commission has warned that too many drivers are footing the bill for "unnecessary" costs resulting from replacement cars and repai
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Engg. Ashok Khurana
Name18-Dec-2013
Name480
Name
0

The Competition Commission said there could be caps on the cost of accident repairs and providing replacement vehicles for drivers. The watchdog also said in its provisional report that too many accident repairs were not carried out to the required standard. And it found the way add-on insurance pro
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Engg Dijo Mathew
Name18-Dec-2013
Name409
Name
0

This will help the health insurance industry develop a rationalised system of insurance claims management, leading to transparent treatment costs and efficient pricing of health insurance products. IIB an independent body endowed with the Irda’s mandate and functions as a single-window ana
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CA. Sanjeev Soni
Name19-Dec-2013
Name398
Name
0

AURANGABAD: The Aurangabad Municipal Corporation (AMC) came under fire on Monday for inordinate delays in paying insurance policy premiums of its employees. Teachers and employees alleged that the civic body had failed to make due payments of their premiums, despite deducting the same from
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CA. Sanjeev Soni
Name19-Dec-2013
Name423
Name
0

CHENNAI: While geography and your car's make and model have been the prime factors that determine premiums for motor insurance, insurers are now taking into account other factors - from your driving history to the colour of your car or even the parking slot of your vehicle. In so
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CA. Sanjeev Soni
Name19-Dec-2013
Name390
Name
0

This life insurance product is available for a limited period. It won't be available after December 31. Don't miss the opportunity to get triple benefits of savings, insurance and tax-saving."  Recognise the sales pitch? No? Well, you are most likely to hear those lines
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Engg Dijo Mathew
Name20-Dec-2013
Name421
Name
0

HYDERABAD: R. Rabhavan, chief executive officer of the Insurance Information Bureau(IIB), part of India's insurance regulatorInsurance Regulatory and Development Authority (IRDA), on Monday said that the bureau is examining possible collaborations with insurance bodies of other countri
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Engg Dijo Mathew
Name20-Dec-2013
Name357
Name
0

HYDERABAD: Insurance Information Bureau(IIB), an independent body created by theInsurance Regulatory and Development Authority (IRDA), would be maintaining ahealth insurance grid connecting TPAs, insurers and hospitals.  TS Vijayan, Chairman, IRDA, said that IIBhas already
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Engg Dijo Mathew
Name20-Dec-2013
Name323
Name
0

MUMBAI: Improving demographic drivers and supporting regulatory environment is likely to result in faster growth of premiumincome of insurance industry during FY14-18 as against in the last five fiscals, according to Care Ratings.  "Indian insurance industry premium income to grow du
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Engg Dijo Mathew
Name20-Dec-2013
Name442
Name
0

NEW DELHI: Insurance sector regulator Irda today issued warning to SBIBSE 0.61 % Life Insurance Co Limited for violating advertisement norms.  "The Authority...issues warning to your company against violations to IRDA (Insurance Advertisements and Disclosure Regulations) 2000.  &quo
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Engg. Ashok Khurana
Name21-Dec-2013
Name471
Name
0

The Insurance Institute for Highway Safety on Thursday gave 39 vehicles top safety ratings for 2014. For the first time, the vehicles need top crash test scores and a good front crash prevention system - such as warning systems or automatic braking - to get the highest designation. Veh
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Engg. Ashok Khurana
Name21-Dec-2013
Name559
Name
0

Trying to head off more bad news over the chaotic rollout of President Barack Obama's health care law, the administration Thursday offered stopgap options so people whose existing plans got canceled are not penalized. Health and Human Services Secretary Kathleen Sebelius said in a letter to a gr
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Engg. Ashok Khurana
Name21-Dec-2013
Name497
Name
0

The demand for automobiles remained weak after the October-November festive season, with eight of the country's leading vehicle makers together registering a decline of 8% at 179,821 units sold in November against 195,513 in the corresponding month last year. This is expected to lead to a dip in
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CA. Sanjeev Soni
Name23-Dec-2013
Name498
Name
0

COIMBATORE: Hoping to make healthcare affordable, four insurance firms launched thePreferred Provider Network (PPN) wherein policy holders can avail the benefits of a uniform price for health care which will be paid directly by the insurance agency to the hospital. Inaugurated in the country 2
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CA. Sanjeev Soni
Name23-Dec-2013
Name381
Name
0

CHENNAI: While geography and make and model of the car have been prime factors in determining premium on motor insurance, with increasing availability of data, insurers are taking into account other factors like yourdriving history to the colour of your car or even the parki
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sonali
Name23-Dec-2013
Name385
Name
0

GUWAHATI: Following the guidelines ofInsurance regulatory and development authority (IRDA), SBI Life Insurance will launch at lest a dozen of new products in January next year.  Atanu Sen, MD and CEO of Sbi Life who was in Guwahati on Tuesday said, "We will launch
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Engg Dijo Mathew
Name26-Dec-2013
Name413
Name
0

KOLKATA: Private sector life insurance company Max Life Insurance is planning to introduce four new products by the first week of next year.  "We will have to re-launch 20 products as part of the regulatory compliance. We got IRDA's approval for 17 products of
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Engg Dijo Mathew
Name26-Dec-2013
Name371
Name
0

NEW DELHI: PNBBSE 1.75 % Metlife India Insurance today launched three new life insurance products including a monthly income plan.  The other two products are endowmentsavings plan and money back plan, PNB Metlife said in a statement.  Based on traditional p
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Engg Dijo Mathew
Name26-Dec-2013
Name407
Name
0

MUMBAI: Organizers of the Mumbai marathon, which takes place in January, are yet to take a call on whether to insure the event for public liability and terrorism or to cover it only for cancellation of the event. The need for public liability cover for such events got highlighted after the Bost
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Engg. Ashok Khurana
Name27-Dec-2013
Name433
Name
0

MUMBAI: Public sector banks will soon start offering customers a choice of insurance products from different companies as against products from one company. The finance ministry has written to public sector banks, asking them to become insurance brokers instead of corporate agents. One o
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Engg. Ashok Khurana
Name27-Dec-2013
Name505
Name
0

MUMBAI: The finance ministry on Monday directed public sector banks to act as insurance brokers beginning January 15 by floating a subsidiary to increase their distributionnetwork. In a letter written to all public sector banks, the ministry has said "to increase insurance p
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Engg Dijo Mathew
Name27-Dec-2013
Name413
Name
0

New Delhi: In a bid to deepen insurance penetration, Finance Ministry has asked all public sector banks to switch to the broker model from the existing corporate agency structure for distribution of products. "The present model of corporate agency selling of insurance by banks may be dispensed
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Engg Dijo Mathew
Name27-Dec-2013
Name429
Name
0

MUMBAI: State-owned banks are in a fix over the finance ministry's diktat on insurance broking. The ministry has told these banks to float insurance broking firms by February when their corporate agency licences come up for renewal. They also must sell products of multiple insurance co
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Engg Dijo Mathew
Name28-Dec-2013
Name382
Name
0

MUMBAI: Officials of two insurance companies, Bajaj Allianz General Insurance and New India Assurance, on Thursday, denied compensating the victims of the accident involving an Aston Martin owned by Reliance Ports, a subsidiary of Reliance Industries.  Bajaj Allianz General Insurance had insur
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Engg Dijo Mathew
Name28-Dec-2013
Name458
Name
0

NEW DELHI: The government has approved Axis Bank's proposal to raise the foreign investment limit in the bank to 62% from 49%, which will facilitate the sale of the government's stake in it apart from allowing overseas entities to pick up shares.  The government currently holds 20
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Engg. Ashok Khurana
Name28-Dec-2013
Name432
Name
0

The Insurance Regulatory and Development Authority (Irda) is roping in Common Service Centres as a platform for insurers to sell simple policies in rural areas. “We are bringing CSCs as insurance brokers to sell policies. In six months time it may come in full-fledged manner. We are going to m
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Engg. Ashok Khurana
Name30-Dec-2013
Name572
Name
0

The Insurance Regulatory and Development Authority (Irda) will soon launch a pilot project involving all the insurance companies to sell small premium insurance products essentially targeting rural and small income household needs. These would be sold through e-Seva in Andhra Pra
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Engg Dijo Mathew
Name30-Dec-2013
Name642
Name
0

HYDERABAD: The Insurance Regulatory and Development Authority (IRDA) is roping in Common Service Centres as a platform for insurers to sell simple policies in rural areas.  We are bringing CSCs as insurance brokers to sell policies. In six months time it may c
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Engg Dijo Mathew
Name30-Dec-2013
Name409
Name
0

Irda's 2010 guidelines for Ulips had capped the charges and made unit-linked plans more customer-friendly. However, the new guidelines for traditional life insurance plans, which were supposed to kick in from 1 October, but will now be effective from 1 January 2014, have not been formulated with
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Engg. Ashok Khurana
Name31-Dec-2013
Name486
Name
0

MUMBAI: After two sluggish years, the insurance industry is hoping that 2014 holds out better prospects amid expectations of stronger economic growth in the second half of the current fiscal. New product guidelines and bancassurance norms will also shape how the life insurance industry fares in 2014
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Engg. Ashok Khurana
Name31-Dec-2013
Name559
Name
0

Irda's 2010 guidelines for Ulips had capped the charges and made unit-linked plans more customer-friendly. However, the new guidelines for traditional life insurance plans, which were supposed to kick in from 1 October, but will now be effective from 1 January 2014, have not been formulated with
Continue Reading...

Engg Dijo Mathew
Name31-Dec-2013
Name569
Name
0

MUMBAI: Public sector general insurance companies are petitioning the sector regulator to allow them to revalue their real estate assets. Some of the public sector companies are finding themselves short of statutory capital requirements after the Insurance Regulatory an
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Engg Dijo Mathew
Name04-Jan-2014
Name532
Name
0

MUMBAI: Public sector banks will soon start offering customers a choice of insurance products from different companies as against products from one company. The finance ministry has written to public sector banks, asking them to become insurance brokers instead of corporate agen
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Engg Dijo Mathew
Name04-Jan-2014
Name584
Name
0

New India Assurance will expand into new overseas markets, such as Canada, Qatar and Myanmar, in the next few months. The company, which has a presence in 22 countries, has approached the Insurance Regulatory and Development Authority for clearance to enter the new markets. Depending on the local go
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Engg Dijo Mathew
Name06-Jan-2014
Name490
Name
0

The Insurance and Regulatory Development Authority (Irda) will charge service tax from industry players on providing services such as registration and renewal. The regulator is required to collect service tax from its insurance companies, brokers and agents, said an Irda notification. TPAs, insuranc
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Engg. Ashok Khurana
Name06-Jan-2014
Name583
Name
0

Insurance Regulatory and Development Authority (Irda) is looking to bring out a proposal for providing life insurance cover for the diferently abled. While disability is not explicitly excluded from lifeinsurance policies, there are no definitive guidelines defining the cover for such
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Engg. Ashok Khurana
Name06-Jan-2014
Name438
Name
0

Private insurance companies fared poorly in terms of settlement of death claims in 2012-13 as compared to state-owned LIC (Life Insurance Corporation), says sectoral regulator Irda. "The claim settlement ratio of LIC was better than that of the private life insurers," Insurance R
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Engg. Ashok Khurana
Name07-Jan-2014
Name550
Name
0

At a time when the market share of 17 private non-life insurance companies rose from 42.2 per cent to 44.39 per cent, Reliance General's business slipped from 3.24 per cent to 3.19 per cent in 2012-13. However, both Reliance and Royal Sundaram reported jump in total premium realisation to Rs
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Engg. Ashok Khurana
Name07-Jan-2014
Name508
Name
0

Institute of Insurance and Risk Management (IIRM), Hyderabad, invites applications for admission to its one-year international postgraduate diploma programmes commencing in 2014. The diplomas are offered in life insurance, general insurance and risk management are offered in the distance mode. Emplo
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Engg. Ashok Khurana
Name07-Jan-2014
Name517
Name
0

NEW DELHI: PNB Metlife India Insurance today launched 16 life insurance products which are compliant with new IRDA guidelines.  These products are designed to meet various needs of policy buyers like protection, tax savings and wealth creation covering ULIPs, traditional and group platform, PN
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CA. Sanjeev Soni
Name08-Jan-2014
Name601
Name
0

Health Insurance penetration at sub 15 percent in the country points to the acute lack of awareness about the importance of health insurance in India. To most people today, health insurance translates to merely covering hospitalization/medical treatment costs. While this is fine for an ill
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CA. Sanjeev Soni
Name08-Jan-2014
Name588
Name
0

 Insurance Information Bureau (IIB)’s Insurance Dynamics of Luxury Cars study has shown the segment to be profitable in the own damage (OD) section though the cost of repairing or replacing a part is pretty high for these cars. (Own damage means if your own vehicle is damage
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Engg Dijo Mathew
Name08-Jan-2014
Name456
Name
0

 The government has spelt out the foreign investment regime for the insurance sector, specifically providing that foreign investment will include portfolio investment and investment by non-resident Indians.  The earlier regime allowed up to 26% foreign direct investment (FDI) in the secto
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Engg Dijo Mathew
Name04-Mar-2014
Name266
Name
0

RAIPUR: Chhattisgarh State Consumer Disputes Redressal Commission (CSCDRC) has dismissed an appeal filed by Bajaj Allianz General Insurance against the order ofKorba district forum directing the company to pay Rs 1.44 lakh as compensation for repair of vehicle involved in an accident.
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Engg Dijo Mathew
Name04-Mar-2014
Name266
Name
0

Independent managing general agent CFC has posted a 26.7% rise in earnings before interest, tax, depreciation and amortisation (EBITDA). It made £4.4m on turnover of £12.4m in the year to 30 September 2013, giving it an EBITDA margin of 36.6%. Turnover, which it derives from commissions
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Engg Dijo Mathew
Name04-Mar-2014
Name276
Name
0

The government has allowed 26 per cent foreign investment inactivities related to insurance, like broking, third party administrators and surveyors, and permitted FIIs and NRIs to also invest in insurers within the stipulated cap. Under the norms notified on Wednesday, 26 per cent foreign inves
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Engg Dijo Mathew
Name04-Mar-2014
Name256
Name
0

Insurance brokers and general insurance companies should increase their focus on agricultural insurance products and their distribution, according to T.S. Vijayan, Chairman, Insurance Regulatory and Development Authority (IRDA). In his inaugural address at the 10th brokers’ summit organised by
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CA. Sanjeev Soni
Name04-Mar-2014
Name335
Name
0

Focus only on large corporate accounts hurting market share While the four public sector non-life insurance companies are aggressively trying to increase their revenues by picking large corporate accounts, their private sector counterparts are focusing on growing their business in profitable retail
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CA. Sanjeev Soni
Name04-Mar-2014
Name302
Name
0

  NEW DELHI: Regulator Irda today unveiled simplified, standard products designed to be sold by life insurance companies through nearly one lakh Common Services Centers so as to enhance insurance penetration in rural area.  Under this distribution model two kinds of products with low tick
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CA. Sanjeev Soni
Name04-Mar-2014
Name253
Name
0

The Reserve Bank of India (RBI) is in a bind over the move to allow banks to work as insurance brokers. After unveiling the draft norms for banks’ entry into insurance broking, the RBI has been facing opposition from public sector banks, and with differences of opinion within the RBI on the is
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Engg. Ashok Khurana
Name04-Mar-2014
Name251
Name
0

Insurance customers and their nominees don't have to suffer inordinate delays in claim settlement anymore. A new circular from Insurance Regulatory and Development Authority (Irda) is going to change the current opaque scenario from April 1.    "While unclaimed amount is not uncom
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sonali
Name04-Mar-2014
Name271
Name
0

  MUMBAI: CignaTTK Health Insurance today began its commercial operations with a focus on product services.  "Our focus is keeping a robust product pipeline and services that will educate and assist customers to lead healthier lifestyles.      "The continued
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sonali
Name04-Mar-2014
Name480
Name
0

A major shareholder of an Ohio-based insurance company is opposing a proposed buyout of the firm, citing concerns over the deal process and further fueling a takeover battle that has divided a boardroom in recent weeks. T. Rowe Price Group Inc. TROW -0.72% said in a fil
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sonali
Name04-Mar-2014
Name459
Name
0

KOLKATA: Aviva Life Insurance anticipates de-growth in premium income collection for the current financial year.  "Our total premium income collection during the current fiscal is expected to be in the region of Rs 1,800 crore to Rs 1,900 crore," MD and CEO of Aviva Life Insurance T
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Varun
Name04-Mar-2014
Name284
Name
0

THANE: Rejecting the stand of an insurance company, aconsumer forum has granted claim to a complainant while holding that he had neither concealed his illness nor undergone an operation before taking the policy for any specific ailment which can be treated as pre-existing disease. Com
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Varun
Name04-Mar-2014
Name568
Name
0

NEW DELHI: Insurance regulator IRDA today prescribed a standard format for life and non-life insurance policy to improve transparency and help people take informed decisions.  "...all the insurers are advised to make available all the policy servicing forms also in languages recognized un
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Varun
Name04-Mar-2014
Name325
Name
0

  KOLKATA: Aviva Life Insurance anticipates de-growth in premium income collection for the current financial year.  "Our total premium income collection during the current fiscal is expected to be in the region of Rs 1,800 crore to Rs 1,900 crore," MD and CEO of Aviva Life Insur
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Varun
Name04-Mar-2014
Name382
Name
0

  KOLKATA: Aviva Life Insurance anticipates de-growth in premium income collection for the current financial year.  "Our total premium income collection during the current fiscal is expected to be in the region of Rs 1,800 crore to Rs 1,900 crore," MD and CEO of Aviva Life Insur
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Varun
Name04-Mar-2014
Name239
Name
0

MUMBAI: Indian banks are increasingly seeking insurance cover against fraudulent online transactions, including those involving credit cards, as a rising use of plastic money and the ease of Internet business potentially increase lenders' exposure to cases of data breach.  Data from insura
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Engg Dijo Mathew
Name05-Mar-2014
Name328
Name
0

NEW DELHI: Insurance regulator IRDA today prescribed a standard format for life and non-life insurance policy to improve transparency and help people take informed decisions.  "...all the insurers are advised to make available all the policy servicing forms also in languages recognized un
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Engg. Ashok Khurana
Name05-Mar-2014
Name355
Name
0

Allcare Insurance has revised their motor insurance policy so as to introduce a generous No Claim Discount of up to 75% and are also extending free legal assistance to all third party policy holders. “In our industry we believe constant innovation is key. Our focus is providing our clients wit
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Varun
Name06-Mar-2014
Name326
Name
0

NEW DELHI: The premium income of Indian general insurance industry, dominated by public sector entities, grew 19 per cent in January to Rs 7,380.72 crore.  The four PSU entities - National Insurance, New India Assurance, Oriental Insurance and United India Insurance - saw their gross premium c
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CA. Sanjeev Soni
Name10-Mar-2014
Name341
Name
0

NEW DELHI: The premium income of Indian general insurance industry, dominated by public sector entities, grew 19 per cent in January to Rs 7,380.72 crore.  The four PSU entities - National Insurance, New India Assurance, Oriental Insurance and United India Insurance - saw their gross premium c
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CA. Sanjeev Soni
Name10-Mar-2014
Name302
Name
0

Allowing the federal terrorism risk insurance act to expire could have negative consequences for U.S. national security, according to a new study from the RAND Corporation. Insurance markets were unprepared for the aftermath of the terrorist attacks of Sept. 11, 2001. Terrorism risk insurance quickl
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CA. Sanjeev Soni
Name10-Mar-2014
Name406
Name
0

Allowing the federal terrorism risk insurance act to expire could have negative consequences for U.S. national security, according to a new study from the RAND Corporation. Insurance markets were unprepared for the aftermath of the terrorist attacks of Sept. 11, 2001. Terrorism risk insurance quickl
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CA. Sanjeev Soni
Name10-Mar-2014
Name410
Name
0

  MUMBAI: Equity clearing house, the Indian Clearing Corporation (ICCL) has taken an insurance cover for counterparty risk management for Rs 340 crore, the highest in the domestic industry so far. The insurance cover was provided by United India Assurance, which is being backed by an overseas r
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Engg. Ashok Khurana
Name11-Mar-2014
Name602
Name
0

  NEW DELHI: Insurance companies may be allowed to invest more of their funds in banks and financial institutions, as the government explores ways to infuse additional capital into state-run lenders.  The government has asked the sector regulator - Insurance Regulatory and Development Aut
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Engg. Ashok Khurana
Name11-Mar-2014
Name432
Name
0

NEW DELHI: At crucial nuclear energy talks with the US on Wednesday, India put forward an insurance plan for nuclear suppliers that is consistent with Indian liability law but does not scare away private companies. Indian officials said it was also consistent with India's international commitmen
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sonali
Name13-Mar-2014
Name577
Name
0

MUMBAI: General Insurance Corporation, the country's sole reinsurance company, expects Rs 75-crore claim from Malaysian Airlines, one of whose aircraft vanished between Malaysia and China last week with 239 passengers on board.  GIC has a 3% share of the total claim, which may be around $4
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sonali
Name13-Mar-2014
Name330
Name
0

The Insurance Regulatory and Development Authority (Irda) has initiated a “focussed inspection” into alleged fraud in four government-sponsored insurance schemes meant for the poor by ICICI Lombard Insurance. It has also ordered a vigilance enquiry in relation to the schemes along with a
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sonali
Name13-Mar-2014
Name426
Name
0

After two years of bipartisan efforts, it looks as though homeowners and businesses in flood-prone areas in Louisiana and across the United States will receive some protection from skyrocketing flood insurance premiums. On Thursday, the U.S. Senate moved the bill to President Barack Obama’s de
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Varun
Name18-Mar-2014
Name391
Name
0

New India Assurance Company Ltd (NIACL) has decided to step up its focus on health insurance.“Health insurance has been a strong growth driver for us, and the category accounts for about 28 per cent of company’s total premium. We are targeting to garner a total health premium income of
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Varun
Name18-Mar-2014
Name330
Name
0

  PRODUCT FEATURES: This is a regular premium payment, participating, money-back traditional insurance plan. A participating policy is one which participates in an insurance company's profits by way of simple reversionary bonuses. The product provides a guaranteed money back every thr
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Varun
Name18-Mar-2014
Name394
Name
0

MUMBAI: The online insurance market in India is likely to grow 20 times by 2020, a study showed.  A study conducted by Boston Consultancy Group and Google showed that overall internet influenced sales would be Rs 15,000 crore to Rs 20,000 crore.  At present,
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Engg. Ashok Khurana
Name20-Mar-2014
Name481
Name
0

  Travel and medical cover issued by these companies, including National Insurance and SBI General, will now be invalid in the 25 European countries bound by the Schengen agreement. 11 insurers figure in the list of approved. Indians travelling to Europe will now have fewer options to insure t
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Engg. Ashok Khurana
Name20-Mar-2014
Name951
Name
0

In a setback for reduction in losses on motor insurance, the finance ministry has rescinded the insurance regulator’s decision to withdraw third party insurance pool. The move will give a temporary benefit to the transport operators ahead of the general elections. The ministry has directed th
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CA. Sanjeev Soni
Name20-Mar-2014
Name390
Name
0

The Insurance Regulatory and Development Authority (Irda) has issued a series of advertisements to inform customers that the regulator does not announce bonuses forpolicyholders. Insurance companies have also been told to include these warnings in all their current and future advertisements. &ldqu
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CA. Sanjeev Soni
Name20-Mar-2014
Name524
Name
0

Insurance regulator IRDA is not amused by the recent spate of insurance mis-selling, misreporting and irregular claim settlements. And that's resulted in a stern warning from IRDA chairman TS Vijayan.  For IRDA chairman TS Vijayan, customer protection is a top priority and the regulator is
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Engg Dijo Mathew
Name22-Mar-2014
Name500
Name
0

NEW DELHI: All those taking a ride on e-rickshaws run the risk of getting no insurance claim in case of an accident. That's because the eco-friendly vehicles are illegal and are not insured, said a senior road transport ministry official.   At present, around a lakh e-rickshaws that
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Engg Dijo Mathew
Name22-Mar-2014
Name425
Name
0

The Insurance Regulatory and Development Authority (Irda) on Monday modified its linked and non-linked insurance products regulations to allow advance premium collection. “Collection of advance premium shall be allowed within the same financial year for the premium due in
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Varun
Name26-Mar-2014
Name461
Name
0

Insurance Regulatory and Development Authority (Irda) has asked insurance companies to pay Rs 20 lakh each to theCommon Services Centre (CSC) e-Governance Services IndiaLtd, a special purpose vehicle (SPV), which has been set up to offer services through the CSC. The regulator has said t
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Varun
Name26-Mar-2014
Name490
Name
0

  NEW DELHI: The government plans to formulate a safety rating system for cars based on their robustness, in the light of several issues being raised over the quality of vehicles made in the country, and the rules if implemented may be linked to lower insurance premiums.  Talks will be h
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Engg Dijo Mathew
Name01-Apr-2014
Name599
Name
0

Paving the way for a new distribution system, Insurance Regulatory and Development Authority on  Wednesday brought out draft guidelines for setting up insurance marketing firms (IMFs). Under these norms, IMFs can market and service insurance, apart from marketing other financial prod
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sonali
Name03-Apr-2014
Name346
Name
0

  Mumbai: Paving the way for a new distribution channel, the Insurance Regulatory and Development Authority (Irda) issued draft guidelines for insurance marketing firms on Wednesday. An insurance marketing firm is an entity that will be allowed to market insurance policies along with othe
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sonali
Name03-Apr-2014
Name384
Name
0

  NEW DELHI: The General Insurance Corporation has not provided insurance to any nuclear reactor in the country under the Civil Liability Nuclear Damage Act, an RTI response from the public sector insurer has said.  Greenpeace, an NGO working on environment related issues, had filed an R
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sonali
Name09-Apr-2014
Name443
Name
0

The concerned e mail id of IRDA for all Surveyor Related queries is "surveyor@irda.gov.in".
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Engg. Ashok Khurana
Name11-Apr-2014
Name511
Name
0

Paving the way for a new distribution channel, the Insurance Regulatory and Development Authority (Irda) issued draft guidelines for insurance marketing firms on 2 April. These will be allowed to sell insurance products of multiple insurance companies and also other financial products, such as mutu
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CA. Sanjeev Soni
Name12-Apr-2014
Name453
Name
0

  College students accessing our quotation system can immediately review price quotations and other information that is specific to insurers without entering vehicle identification numbers.   Students who are attending college this year could save money on automobile insurance accessing
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Engg. Ashok Khurana
Name15-Apr-2014
Name406
Name
0

Pune: Many gullible people fall prey to Nigerian fraud tactics by con men, only to get duped or get their accounts hacked. But not this 28-year-old businessman, Ashish Magare. He had been receiving calls for past six months from people claiming to be officials of the Insurance Regulatory and Develo
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Engg Dijo Mathew
Name23-Apr-2014
Name605
Name
0

MUMBAI: Over a year after agreeing for a three-way merger of their general insurance businesses, talks between Larsen and ToubroBSE 1.65 % and Kishore Biyani's Future Group are on the verge of falling apart. A turnaround of the insurance business along with a reversal of fortunes in the core
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Engg Dijo Mathew
Name23-Apr-2014
Name491
Name
0

  United India Insurance Company is targting to achieve a premium of Rs 11,000 crore in the current fiscal year. The company has clocked in a premium of Rs 9,709 crore for the year ended March 31, 2014, with an accretion of Rs 443 crore compared to previous year, according to the company
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sonali
Name25-Apr-2014
Name411
Name
0

  SBI General Insurance has opposed the idea of making it mandatory for banks to sell insurance covers of multiple companies, saying it will not solve the problem of mis-selling of products.  SBI General Insurance, a joint venture between State Bank of India (SBI) and Insurance Austr
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sonali
Name25-Apr-2014
Name681
Name
0

Insurer Admiral was happy to take Gordon Bernard's money when it automatically renewed his £73 annual travel insurance policy in January. But a few weeks later, when the Kent pensioner looked into making a claim after a Caribbean holiday, Admiral said no – because he was too old. De
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CA. Sanjeev Soni
Name26-Apr-2014
Name5515
Name
0

NEW DELHI: Insurance sector regulator IRDA is seeking an information technology consultant to help it to streamline processes and lower the cost of compliance.  The Insurance Regulatory and Development Authority (IRDA) has been taking a number of technology initiatives to focus on streamlining
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Engg Dijo Mathew
Name29-Apr-2014
Name383
Name
0